ImmuPharma licenses lupus drug Lupuzor to Avion in the United States

LONDON (Reuters) - British pharmaceutical firm ImmuPharma <IMM.L> said on Thursday it had signed a licensing and development agreement for Lupuzor, a first-in-class treatment for auto-immune disease Lupus, with U.S. company Avion Pharmaceuticals.

Avion and ImmuPharma will co-develop Lupuzor, including a new Phase III trail, and Avion will commercialise the drug exclusively in the United States, ImmuPharma said.

The British company said it would receive milestone payments of up to $70 million, comprising $5 million upon regulatory approval and up to $65 million based on sales targets.

(Reporting by Paul Sandle; editing by Kate Holton)