August 14, 2008
GTC Finalizes $257M Agreement
By Matthew L. Brown
GTC Biotherapeutics Inc. of Framingham has closed its $257 million collaboration agreement with Ovation Pharmaceuticals Inc.
Under the agreement, Deerfield, Ill.-based Ovation will develop and market the GTC blood clot treatment known as ATryn. The agreement provides for $257 million in payments, including $3 million upon the agreement's closing, to GTC if GTC meets all clinical, regulatory and sales milestones.
GTC said it expects $2 million in milestone payments in 2008 and as much as $4 million in 2009. ATryn could be approved by the U.S. Food and Drug Administration in early 2009, the company said.
ATryn is a therapeutic protein designed to stop blood clots. GTC developed the protein in the milk of genetically modified goats.
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