Malvern-based PhaseBio Pharmaceuticals has signed an exclusive licensing agreement valued up to $245 million with Alfasigma of Italy, writes John George for the Philadelphia Business Journal.

The deal gives the Bologna-based pharmaceutical company the European commercialization rights for bentracimab. The new drug candidate from PhaseBio acts as a reversal agent for patients taking ticagrelor.

Alfasigma will make an upfront payment of $20 million to the Malvern company. PhaseBio is also eligible for an additional $225 million once the experimental medicine hits its developmental and commercialization milestones.

The conditional payments include $35 million in pre-revenue regulatory milestones, along with up to $190 million in payments when and if certain sales milestones are achieved. If the product receives regulatory approval, PhaseBio also becomes eligible for tiered royalties on the net sales.

The signing of this agreement is “a truly momentous occasion” for the company, said Jonathan P. Mow, CEO of PhaseBio.

“Alfasigma brings deep regional expertise in the hospital environment that we believe will help unlock the value of the global bentracimab brand, while enabling PhaseBio to invest in the commercial infrastructure necessary to successfully launch the product in the United States,” he added.

Read more about PhaseBio in the Philadelphia Business Journal.