Nastech to sell Nascobal to Questcor
Questcor Pharmaceuticals is acquiring Nastech's Nascobal product, including the FDA-approved Nascobal (Cyanocobalamin USP) nasal gel and the Nascobal nasal spray, which is pending FDA approval.
Questcor Pharmaceuticals is acquiring Nastech's Nascobal product, including the FDA-approved Nascobal (Cyanocobalamin USP) nasal gel and the Nascobal nasal spray, which is pending FDA approval.
The transaction includes all Nascobal intellectual property, marketing rights, inventory, trademarks, confidential know-how, contracts, and records.
Under the terms of the agreement, Nastech will receive up to $18.2m, including $9m upon signing, and an additional $5.2m payable on or before December 31, 2003.
Nastech will receive an additional $2m upon FDA approval of its Nascobal nasal spray dosage form and a further $2m upon the issuance of a US patent for the nasal spray. Nastech and Questcor will enter into a long-term supply agreement under which Nastech will continue to manufacture Nascobal at its FDA-approved, cGMP manufacturing facility in Hauppauge, New York, and in Bothell, Washington upon FDA approval of that facility.
'The sale of Nascobal will significantly strengthen our balance sheet and enable us to focus on our core drug delivery programs,' said Dr Steven C. Quay, chairman, president, and ceo of Nastech. 'Nastech will complete final development of the Nascobal nasal spray dosage form and file an NDA later this year.' Charles J. Casamento, chairman, president, and ceo of Questcor. 'Our purchase of Nascobal will allow the product to be further optimised in the marketplace by an organisation with marketing and sales resources focused on Neurology and Gastroenterology. Patients with MS and Inflammatory Bowel Disease are often Vitamin B-12 deficient.'
Fact file
Nascobal has been approved and marketed in the US since 1997 for the treatment of various Vitamin B-12 deficiencies and has a proven track record of safety and efficacy. In July 2002, the FDA approved a labeling supplement to Nastech's NDA for its Nascobal nasal gel dosage form stating that it can be used in patients with Crohn's Disease, HIV/AIDS, and MS as well as other malabsorptive conditions that can result in Vitamin B-12 deficiency.