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Taiwan: Panion drug gets US approval

2014/09/11

(Source: Taipei Times 2014-09-10)

Panion & BF Biotech Inc. yesterday said its US partner, Keryx Biopharmaceuticals Inc, had received approval from the US Food and Drug Administration (FDA) to sell its new drug Nephoxil, which is used to treat high serum-phosphate levels resulting from chronic kidney disease, in the US on Friday.

The Taiwanese producer of pharmaceuticals, cosmetics and consumer healthcare products said in a statement that it would receive a milestone payment from Keryx within 120 days. Panion & BF plans to use 33.4 percent of the amount as payments to the drug’s inventor, the company said.

However, the company’s share price dropped 2.08 percent to NT$396.66 yesterday, underperforming the over-the-counter benchmark index, which was up 0.16 percent, as Keryx shares had declined by 16 percent over the previous two days to close at US$15.11 on Monday in New York.

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