La Jolla Pharma Inks BioMarin Deal

La Jolla Pharmaceutical (NASDAQ: LJPC) has formed a partnership to co-develop its experimental drug for lupus of the kidneys, Riquent, with Novato, CA-based BioMarin Pharmaceuticals (NASDAQ: BMRN). La Jolla will receive a $15 million upfront payment, and could stand to get $289 million in cash and equity from BioMarin if the drug reaches certain development goals. The medicine is in the final stage of clinical trials.

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