Mundipharma and Medical Developments International announce a new alliance for the commercialisation of Penthrox® in Europe
September 14 2015 - 2:45AM
Business Wire
Mundipharma International Corporation Limited (Mundipharma)
and Medical Developments International Limited
(ASX:MVP) today announced that they have entered into a
License, Development and Commercialisation Agreement for Penthrox®
(low dose methoxyflurane) in Europe, as a self-inhaled analgesic
for the treatment of emergency pain.
Mundipharma will have exclusive product rights in 39 European
markets including France, Germany, Italy and Spain, but excluding
Hungary, Republic of Ireland and the United Kingdom. First country
launches may begin in 2016 following registration and local pricing
and reimbursement approvals.
Under the terms of the agreement, Mundipharma will pay MVP
upfront and milestone payments of up to $54.5 million US dollars
(USD), including:
- USD $7 million upon signing;
- USD $3 million upon receiving Marketing
Authorisation approvals in Belgium (already received) and France
(expected shortly); and
- USD $7 million upon receiving first
reimbursed sales in France, Germany, Italy and Spain;
- The remaining USD $37.5 million on
achievement of certain sales based milestones.
Additionally MVP will receive a gross margin on product sold to
Mundipharma and royalties based on net sales.
The agreement brings together two companies in a strategic
collaboration that leverages their individual strengths, combining
Mundipharma’s extensive and sustained experience in pain management
globally, as well as its strong commercial capabilities, which will
complement MVP’s expertise in manufacturing and emergency medical
solutions.
Commenting on the alliance, MVP CEO Mr. John Sharman said,
“Mundipharma shares our vision for Penthrox® and is committed to
the development of Penthrox in Europe. Moreover, Mundipharma has
the reach and financial capacity to drive sales much harder and
faster than we could do with our own resources. Their role extends
beyond simply marketing the product, as Mundipharma will play an
active role in the further development of Penthrox for existing and
new clinical applications”.
Kate Hurtig, Head of Pain at Mundipharma International, added,
“Mundipharma has a proud heritage in pain management and
continually strives to advance new therapeutics in this space. With
this alliance we are excited to expand our portfolio into the field
of emergency pain relief and we look forward to quickly advancing
the European development and commercialisation of Penthrox to
maximise its success. We are delighted about the opportunity to
work with Medical Developments International and the prospect for
growth that this collaboration brings.”
-Ends-
About Penthrox®
Penthrox® (low dose methoxyflurane) is a non-narcotic
self-inhaled analgesic for the emergency relief of moderate to
severe pain associated with trauma and associated pain, bridging
patients from acute pain to stabilised analgesia. Penthrox® is
currently registered and marketed in 10 countries around the world,
including Australia, South Africa and New Zealand. Elsewhere, it
has already been or is in the process of being submitted to
regulatory agencies in Hong Kong, Iran, Israel, Malaysia, Mexico,
Russia, Saudi Arabia, Singapore and Taiwan.
About Mundipharma
The Mundipharma network of independent associated companies
consists of privately owned companies and joint ventures covering
the world's pharmaceutical markets. The Mundipharma network has a
presence in 51 countries with more than 7,800 employees across the
world. These companies are committed to bringing to patients the
benefits of pioneering treatment options in the core therapy areas
of pain management, oncology, respiratory and inflammatory
conditions. Through innovation, design and acquisition, the
Mundipharma network of independent associated companies delivers
important treatments to meet the most pressing needs of patients,
healthcare professionals and health systems worldwide.
For further information please visit: www.mundipharma.com
About Medical Developments International Ltd
MVP is an Australian company listed on the Australian Stock
Exchange (ASX: MVP) delivering emergency medical solutions
dedicated to improving patient outcomes. MVP is a leader in
emergency pain relief and respiratory products. The Company
manufactures Penthrox®, a fast acting trauma and emergency pain
relief product. It is used in Australian Hospitals including
Emergency Departments, Australian Ambulance Services, the
Australian Defence Forces, Sports Medicine and for analgesia during
short surgical procedures such as Dental and Cosmetic surgery as
well as in other medical applications. MVP is expanding
internationally and manufactures a range of world-leading Asthma
respiratory devices.
More about MVP at www.medicaldev.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150913005114/en/
For further information please contact:Bily Kuo,
Communications ManagerMundipharma
Internationalbily.kuo@mundipharma.co.ukT: +44 (0) 1223 397
118orJohn Sharman, Chief Executive OfficerMedical Developments
International Ltdjsharman@medicaldev.comT: +61 (3)
9547 1888orRebecca PowerWeber ShandwickE RPower@webershandwick.comT
44 (0) 207 067 0866
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