Pharmaxis Ltd (ASX:PXS) has received notice that its largest shareholder, BVF Partners LP, has now increased its position to 19.9% through on-market purchases.
Pharmaxis has a proven track record of early stage partnering and taking products through to commercialisation.
Earlier in the month the company outlined that it will receive an €18 million milestone payment following Boehringer Ingelheim initiating a European and North American Phase IIa trial.
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Pharmaxis has the potential to receive total upfront milestone payments of A$630 million, with A$68 million already received.