Cangene acquires U.S. commercialization rights for HepaGam B from Apotex
Cangene Corporation announced that it has signed an agreement with its majority shareholder, the Apotex Group, under which Cangene acquires all U.S. commercialization rights for HepaGam B(R) (Hepatitis B Immune Globulin Intravenous (Human)). HepaGam B(R) is Cangene's hepatitis B immune globulin, which is approved for treating two hepatitis-B-related indications in the U.S. The product has been gaining market share and revenues have increased steadily.
Cangene's independent directors approved the new agreement after having determined that it is fair to Cangene and its shareholders. Apotex Corp., a member of the Apotex Group, has been marketing the product in the U.S. since it was first approved there in 2006. The new agreement becomes effective on November 1, 2009. Cangene will pay Apotex a US$7.0-million upfront fee, as well as royalties on net U.S. sales that occur from November 1, 2009 until June 2016.
Cangene and Apotex will work closely together during a transfer period from November 1, 2009 until January 31, 2010, to ensure customers experience a smooth transition. During the transfer period, Cangene will be expanding its commercial, regulatory and medical affairs infrastructure in the U.S.
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