Impax Laboratories Inc. (IPXL) said it has licensed from
AstraZeneca PLC (AZN) the exclusive U.S. commercial rights to three
formulations of Zomig, giving the specialty pharmaceutical company
access to a migraine headache medication.
Impax will pay AstraZeneca $130 million in 2012 for the rights
and then pay tiered royalties thereafter. The agreement, which is
expected to immediately benefit Impax's adjusted earnings, also
gives the company non-exclusive rights to develop new products
containing Zomig. The formulations licensed are Zomig tablets,
orally disintegrating tablets and nasal sprays.
In the 12 months ended Sept. 30, Zomig had U.S. sales of $163
million, Impax said.
"The Zomig product franchise fits well with the capabilities of
our neurology focused specialty sales force," said Michael Nestor,
president of the company's Impax Pharmaceuticals unit. "It will
support the growth of our commercial organization."
Impax expects to add about 20 sales representatives to its
existing contract sales force of 64 to assist in Zomig sales.
In November, Impax said its third-quarter earnings sank on
sharply lower revenue from its global pharmaceuticals division.
Shares were halted premarket after closing Tuesday at $18.88,
and are up 3.7% over the past three months.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108;
ben.rubin@dowjones.com