NPS has granted Nycomed the right to develop and commercialize teduglutide outside of North America. The company received $35 million in up-front fees under this agreement and has the potential to earn additional development and sales milestone payments. The agreement also provides for double-digit royalties on teduglutide sales in the licensed territories. NPS may also work with Nycomed on a collaborative basis and share costs for indications that the two companies elect to pursue jointly. In March 2011, Nycomed submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for clearance to market Revestive^® (teduglutide) as a once-daily subcutaneous treatment for short bowel syndrome (SBS).