CV Therapeutics receives $185M payment from TPG-Axon Capital
Shares of CV Therapeutics, Inc. (Nasdaq:CVTX) are leaping in pre-market trading after the biopharmaceutical company said after Tuesday’s close that TPG-Axon Capital has agreed to pay up to $185 million in exchange for rights to 50% of CV Therapeutics' royalty on North American sales of Lexiscan injection, pharmacologic stress agent. The small cap said it received $175 million on closing of the transaction and could receive a potential future milestone payment of $10 million.
Shares surged 18%, or $1.37, to $8.82 in pre-market trading. For detailed price information and recent news stories about CV Therapeutics, click CVTX.
