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Impax Pharmaceuticals, the branded product business unit of Impax Laboratories Inc., entered into a distribution, license, development and supply agreement with AstraZeneca Plc granting Impax exclusive U.S. marketing rights to AstraZeneca's Zomig (zolmitriptan), which is approved to treat migraine in adults. The agreement covers all three formulations of the drug: tablets, orally disintegrating tablets and nasal spray. In addition, the agreement grants Impax nonexclusive rights to...
Impax Pharmaceuticals, the branded product business unit of Impax Laboratories Inc., entered into a distribution, license, development and supply agreement with AstraZeneca Plc granting Impax exclusive U.S. marketing rights to AstraZeneca's Zomig (zolmitriptan), which is approved to treat migraine in adults.
The agreement covers all three formulations of the drug: tablets, orally disintegrating tablets and nasal spray.
In addition, the agreement grants Impax nonexclusive rights to develop new zolmitriptan-containing products and to exclusively market these products in the United States in connection with the Zomig brand.
Under the terms of the agreement, Impax will make quarterly payments to AstraZeneca in 2012 totaling $130 million and will pay tiered royalties on future sales of zolmitriptan products thereafter.
Impax will receive the benefit of the gross profit on U.S. sales of Zomig as of Jan. 1.
"Zomig, with U.S. net sales for the 12 months ended Sept. 30, 2011, of $163 million, is a strong neurology brand, and the nasal spray form has U.S. patents expiring as late as 2021," said Michael Nestor, president of Impax Pharmaceuticals. "The Zomig product franchise fits well with the capabilities of our neurology-focused specialty sales force. It will support the growth of our commercial organization as we prepare for the potential launch of IPX066, our leading brand product candidate for Parkinson's disease, and beyond."
Larry Hsu, chief executive officer of Impax Laboratories, said the company expects that Zomig will "contribute meaningfully" to total revenue and earnings in 2012 and 2013, adding that Impax seeks to build sales of the nasal spray formulation to aid the longer term profitability of the firm's branded business.
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