Canadian pharmaceutical developer Stellar Pharmaceuticals Inc has signed a licensing agreement with Torrex Chiesi Pharma GmbH in Austria for the distribution and sale of its osteoarthritis product NeoVisc in Eastern Europe.
The deal covers a number of countries, including Austria, Czech Republic, Slovakia, Croatia, Serbia, Montenegro, Macedonia, Bosnia and Herzegovina, Poland, Hungary, Russia and the Commonwealth of Independent States.
Torrex Chiesi has agreed to obtain all necessary regulatory approvals at its sole cost and will pay Stellar an upfront milestone payment plus a specified transfer price in exchange for the rights to an exclusive license for this territory.
NeoVisc is a 2ml pre-filled syringe of sterile 1.0% sodium hyaluronate solution used for the temporary replacement of synovial fluid in osteoarthritic joints.
Stellar President and Chief Executive Officer Peter Riehl said: “This agreement reflects our strategy to license our proprietary products into the global marketplace and we look forward to building a long-term working relationship with Torrex Chiesi.
“Torrex Chiesi has the sales force reach and expertise to market and sell NeoVisc effectively in these vast markets. The population base for this territory exceeds 370 million and it is a very exciting market for Stellar to reach.”
Torrex Chiesi Managing Director Dr Wolfgang Harrer said: “NeoVisc represents an excellent niche opportunity and we are excited to add the product to our portfolio.”