Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced its exclusive license agreement with Argentina-based Biotoscana Farma S.A., a wholly owned affiliate of Biotoscana International, based in Bogota, Colombia, for the commercialization of Fanapt ™ in Argentina.
"We are very excited to achieve this step on the path towards making Fanapt ™ available in Argentina and we are very pleased to have Biotoscana as our commercial partner," said Mihael H. Polymeropoulos, M.D., Vanda's Chief Executive Officer. "This marks another important milestone for the Fanapt ™ brand as we continue to grow our presence with Fanapt ™ in Latin America," added Dr. Polymeropoulos. Biotoscana's co-founder and CEO, Ricardo Munoz Ridau, stated, "We are very pleased to partner with Vanda in Argentina with Fanapt ™. Our recently submitted regulatory filing for marketing authorization for Fanapt ™ marks the first step in the process towards the commercial launch of Fanapt™ in Argentina."
Under the terms of the agreement, Biotoscana will seek regulatory approval for Fanapt ™ in Argentina. Vanda will supply Biotoscana with Fanapt ™ drug product for packaging and sale and Biotoscana's CNS specialty sales force will promote Fanapt ™ to psychiatrists in Argentina.
With over $5 billion in annual sales, Argentina is the 4th largest pharmaceutical market in Latin America.
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