Lundbeck and Biotie sign agreement for Nalmefene
H. Lundbeck A/S and Biotie Therapies Corp. have signed an agreement on worldwide rights for nalmefene, excluding North America, Mexico, UK, Ireland, Turkey, and South-Korea. Under the terms of the agreement, BioTie has granted Lundbeck an exclusive license to market and distribute nalmefene as a prescription medicine for the treatment of substance abuse disorders and impulse control disorders.
Under the terms of the agreement, BioTie will receive an execution fee of EUR 15 million, of which EUR 10 million is payable on signing. The license enters into force in 2007. In total, BioTie is eligible for up to EUR 88 million in upfront and milestone payments plus royalty on sales. Lundbeck will be responsible for manufacturing and registration of the product in its territory.
Nalmefene is a specific opioid receptor antagonist. BioTie has studied the safety and efficacy of nalmefene in a total of 1,200 patients, including two phase III studies in the UK and Finland in patients suffering from alcoholism and alcohol dependence. According to the company, Nalmefene is the first oral drug showing efficacy in reducing heavy drinking in multicenter, controlled studies.
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