LONDON (Thomson Financial) - Alizyme Plc. has granted Norgine B.V. an
exclusive licence for Colal-Pred, a drug used for the treatment of ulcerative
colitis.
The deal, worth up to 42.75 million euros ($67 million), gives the specialty
pharmaceutical company Norgine the right to produce and market Colal-Pred in
Europe, South Africa, Australia and New Zealand.
Under the agreement Alizyme, a speciality biopharmaceutical development
company, will receive 2 million euros immediately. The rest of the money is
payable on future development and sales milestones.
Norgine will be responsible for all commercialisation costs and will pay
double digit royalty rates to Alizyme which will increase with higher annual net
sales levels, the company said.
Tim McCarthy, Alizyme's Chief Executive Officer said: 'We believe that
Norgine, with its focus on gastroenterology and a strong and balanced
pan-European presence, is uniquely positioned to maximise the commercial
potential of Colal-Pred in Europe as well as in the other territories included
in this deal.'
TFN.newsdesk@thomson.com
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