Local Tech Wire
MORRISVILLE, N.C. – (Nasdaq: FURXV) is scheduled to be spun off as an independent company today and begin trading on the Nasdaq on Tuesday, June 15, and the spinoff from Pharmaceutical Product Development (Nasdaq: PPDI) does so with a $7.5 million deal.
On Friday, Furiex announced that its Japanese partner Takeda Pharmaceutical Company had received pricing approval for the sale of a type 2 diabetes treatment from the Japanese government.
The decision along with earlier regulatory approval triggers a $7.5 million milestone payment to Furiex.
The two firms worked together on the treatment before Furiex was spun off from Wilmington-based PPD.
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