KMPH - KemPharm confirms receipt of $10M milestone payment linked to Azstarys approval

KemPharm (KMPH) is trading ~7.3% higher in the post-market trading after announcing the receipt of a milestone payment worth $10M from Commave Therapeutics as per the recently revised licensing agreement between the two firms.The deal covered with the affiliate of Gurnet Point Capital covered KemPharm’s product candidates containing serdexmethylphenidate (SDX) and d-methylphenidate, such as Azstarys.In addition to tiered royalty payments on a product-by-product basis for net sales, the company is entitled to a total of up to $590M in future regulatory and sales milestone payments for Azstarys.KemPharm also announced an upcoming regulatory milestone payment worth $10M within 30 days from the scheduling determination of SDX by the U.S. Drug Enforcement Administration ("DEA") in connection with Azstarys. DEA action is expected to take place on or around June 2, 2021.In early March, the FDA approved Azstarys for the treatment of attention deficit hyperactivity disorder (ADHD) in patients aged six years and older.

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KemPharm confirms receipt of $10M milestone payment linked to Azstarys approval