Vertex snares $75M windfall in revised CFF deal; Ex-Celgene R&D prez Daniel starts advisory group
Vertex and Cystic Fibrosis Foundation Therapeutics have revised the terms of their collaboration, which will now deliver a $75 million windfall for the biotech outfit. The foundation is handing the money over along with $6 million in annual research support for its work on cystic fibrosis, according to new docs filed with the SEC. The foundation had already given Vertex $150 million to help persuade the company to focus on CF. And that partnership led to a deal in 2014 in which the CFF sold its royalty rights in Vertex’s CF drugs for $3.3 billion.
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