On September 5, 2019 Pfenex Inc. (NYSE American: PFNX) reported that it has earned an $11 million development milestone under its development and license agreement with Jazz Pharmaceuticals (Press release, Pfenex, SEP 5, 2019, View Source [SID1234539335]). The milestone is associated with process development activities for PF745, a recombinant crisantaspase with half-life extension technology.

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"We are very pleased with our progress on PF745 and we believe the Jazz collaboration overall further validates the versatility of our proprietary protein expression platform and the quality of our development capabilities," said Eef Schimmelpennink, Chief Executive Officer of Pfenex. "Similarly, we are appreciative of the progress recently reported by Jazz on PF743 (JZP-458) with the completion of the Phase 1 study and announcement of plans to initiate a Phase 2/3 study later in 2019."

Under the terms of the development and license agreement, Pfenex is eligible to receive an aggregate total of up to $224.5 million in development and sales milestone fees, of which $177.5 million is still eligible to be received by Pfenex. Of this $177.5 million, $18.5 million are development milestones, $34 million are regulatory milestones, and $125 million are sales milestones. Pfenex may also be eligible to receive tiered royalties on worldwide sales of any products resulting from the collaboration.