Benzinga | Jun 21, 2021 11:01AM EDT

OPKO Health, Nicoya Therapeutics Ink Rayaldee Pact For Hyperparathyroidism In Greater China

* OPKO Health Inc's (NASDAQ:OPK) subsidiary EirGen Pharma has agreed to develop and commercialize Rayaldee to treat secondary hyperparathyroidism in patients with stage 3/4 chronic kidney disease with Nicoya Therapeutics in Greater China.

* Nicoya will make an upfront payment to OPKO of $5 million and an additional $5 million payment during the first 12 months of the agreement or upon Nicoya achieving a certain predetermined development milestone.

* In addition, OPKO will be eligible to receive up to $115 million upon the achievement of certain milestones.

* Nicoya will also pay OPKO tiered, double-digit royalties on product sales.

* Rayaldee is an extended-release formulation of calcifediol, a prohormone of calcitriol, the active form of vitamin D3.

* Price Action: OPK shares are up 0.81% at $3.73 during the market session on the last check Monday.