Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) and Menarini Group today
announced that they have entered into a license agreement by which
Furiex will license to Menarini rights to commercialize Priligy® in
Europe, most of Asia, Africa, Latin America and the Middle East. Furiex
will retain full development and commercialization rights in the United
States, Japan and Canada. Currently, Priligy® is marketed for on-demand
treatment of premature ejaculation in 15 countries in Europe, Asia and
Latin America, while it is approved for that indication in 43 countries
worldwide.
Under the terms of the agreement, Furiex will be eligible to receive a
$15 million payment upon closing, up to $20 million in regulatory and
launch milestones and up to $40 million in sales-based milestones, plus
tiered royalties on product sales ranging from mid-teens to mid-twenties
in percentage terms. Menarini will assume responsibility for
commercialization activities in the licensed territories and will fund
ongoing clinical trials.
June Almenoff, M.D., Ph.D., president and chief medical officer
of Furiex, stated, "We are extremely pleased to partner with Menarini
and are confident that our experience and skills, coupled with the
global presence and pharmaceutical experience of Menarini, should expand
the development and commercialization of Priligy®."
Commenting on the transaction, Dott. Alberto Giovanni Aleotti,
Member of the Board of Menarini Group stated, "Priligy® is an
innovative drug and the only product that has received regulatory
approval specifically for the treatment of premature ejaculation.
Premature Ejaculation is an underdiagnosed medical condition with only 9
% of sufferers seeking medical advice due to the social stigma
associated with the condition. Menarini is committed to enhance the
medical and scientific information available on the condition, in order
to contribute in improving the quality of life of millions of people."
As previously disclosed, Furiex recently entered into an agreement with
ALZA and Janssen whereby ALZA and Janssen would transfer to Furiex
worldwide Priligy® product rights.