On April 1, Puma Biotechnology (NASDAQ:PBYI) announced an EU/Africa partnership for their potential blockbuster drug Nerlynx (neratinib), which is currently approved in the US and EU for HER2+ breast cancer patients post-Herceptin treatment. Under the terms of the agreement, Pierre Fabre will pay PBYI $60M up front, up to $345M in additional regulatory and commercial milestones (undisclosed), and “significant” double-digit royalties on Nerlynx sales throughout the covered territory (which includes all of Europe except Russia and Ukraine, and countries in North Africa and francophone countries of West Africa).
Investors apparently were not happy