SkyePharma and First Horizon in exclusive licence and supply agreement
UK drug development company SkyePharma has entered into an exclusive agreement with US-based First Horizon Pharmaceutical Corporation in which SkyePharma grants First Horizon the exclusive US marketing and distribution rights for a cardiovascular product.
UK drug development company SkyePharma has entered into an exclusive agreement with US-based First Horizon Pharmaceutical Corporation in which SkyePharma grants First Horizon the exclusive US marketing and distribution rights for a cardiovascular product.
The product is currently under review by the US FDA, and approval is expected by the end of this year. First Horizon has also obtained the right of first refusal to negotiate a licence to develop and commercialise a future cardiovascular product utilising the SkyePharma delivery technology.
SkyePharma will receive up to US$50m in milestone payments and 25% of First Horizon's net sales of the product. Upon signing the agreement $5m will be paid to SkyePharma and up to an additional $15m is payable thereafter, all of which are contingent upon milestones related to FDA approval. In addition to the $20 million in payments, SkyePharma will receive up to $30m in sales-based milestone payments.
SkyePharma will manufacture and supply the product from its Lyon manufacturing facility. SkyePharma will also make a contribution of up to $5m to First Horizon's initial marketing expenses to establish the product.