Nuvo Research Inc. (TSX:NRI) (Nuvo or the Company), a life sciences company with growing revenues and a diverse portfolio of topical products, today announced it has reacquired Pliaglis development and marketing rights for the U.S., Canada and Mexico.
"We are pleased to reacquire the Pliaglis rights for the U.S., Canada and Mexico," said Dan Chicoine, Nuvo's Chairman and Co-CEO. "Our plan is to reevaluate the marketing strategy for the product and determine the optimal way to reenter the market to allow the product to reach its full potential."
Pliaglis is approved for sale in all three countries and is currently being marketed and sold by Nuvo's global licensee, Galderma S.A. (Galderma), in the U.S and Canada. During a transition period, Galderma will continue to market Pliaglis in the U.S., Canada and Mexico and pay Nuvo a royalty on such sales. Under terms of the agreement, Nuvo paid Galderma 125,000 Swiss Francs (approximately $174,000 Canadian) and will pay an additional 125,000 Swiss Francs upon transfer of certain rights and documents. Beginning in 2021, Nuvo has the right to reacquire the rest of world rights on a country-by-country basis without additional compensation if Galderma does not achieve minimum sales targets.
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