A contract for the exclusive European marketing of Dyloject, a proprietary means of administering the pain relief drug Diclofenac, has been awarded to Therabel Pharma.
In return Javelin Pharmaceuticals will receive £8.3 million upfront in cash, up to £41 million in sales and regulatory milestones plus royalties on future sales.
Martin Driscoll, Javelin’s chief executive said: “We believe Therabel will accelerate market uptake for Dyloject in the UK and will assure future growth as Therabel introduces the product in key countries throughout the European Union.”
Therabel will assume all Dyloject UK and future European sales regulatory and manufacturing responsibilities while Javelin remains involved in Dyloject’s EU development through a joint steering committee.
Javelin’s vice president, John Taylor said: “Therabel’s enthusiasm for Dyloject in Europe validates the product’s opportunity and instils confidence in completing a major partnership in the US for Dyloject or Ereska.”
Copyright Press Association 2009