PureTech Health PLC (PRTC) Friday said KarXT, invented by the company, received approval from U.S. Food and Drug Administration for the treatment of schizophrenia in adults.
This approval triggers 2 milestone payments totaling $29 million, as per agreements with Royalty Pharma and PureTech's founded entity, Karuna Therapeutics, which was acquired by Bristol Myers Squibb (BMS) in March of 2024. Royalty Pharma had acquired an interest in PureTech's royalty in KarXT.
PureTech is also entitled to get additional future milestone payments and about 2 percent royalty on annual sales over $2 billion.
KarXT will be marketed by BMS under the brand name Cobenfy.
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