Photocure announces the achievement of the first transition milestone for Hexvix
Photocure ASA announced the achievement of the first transition milestone from Ipsen, its new strategic partner for commercializing Hexvix worldwide, excluding the US and Nordic region.
Photocure and Ipsen announced a new strategic collaboration for the commercialization of Hexvix. In accordance with the agreement with Ipsen, Photocure will receive a total of EUR 5 million in transition payments. Photocure has successfully completed the first transition milestone which triggered a EUR 2.0 million payment. This milestone is in addition to the EUR 1.5 million that was received upon signing of the agreement.
Photocure will receive an additional EUR 3 million upon achievements of remaining transition milestones, estimated to be completed by first quarter 2012. Additionally Photocure will receive double digit royalties on all sales, milestones on specific sales achievements and will manufacture the product for Ipsen.
In the new partnership, Ipsen will be responsible for marketing and selling Hexvix worldwide, excluding the US and Nordic region. Ipsen has a strong and well established uro-oncology franchise and will commercialize Hexvix through its dedicated urology salesforce.
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