Almirall to market linaclotide in EU
5 May 2009 00:00 in Pharmaceutical Company Product News
Almirall will be responsible for the commercialisation of linaclotide in the EU.
The drug is in late-stage development for the treatment of gastrointestinal conditions and syndrome with associated constipation (IBS-C).
As part of the pan-European licensing-in agreement with Ironwood Pharmaceuticals, Almirall will also be accountable for the marketing of the treatment in Norway, Switzerland, Turkey, Russia and other countries of the former Yugoslavia.
Jorge Gallardo, chairman and chief executive officer of the firm, asserted the company is pleased with the joint venture, which signifies a major development for patients across the continent.
"This partnership represents a step forward for Almirall reinforcing our presence in European markets," he commented.
"It is also an important milestone in our offering society innovative medicines to fulfil unmet medical needs."
Almirall will pay $40 million (26.6 million pounds) upfront for the rights of the drug under the terms of the arrangement.
The firm will also donate $15 million as an equity investment to Ironwood.
Last month, Almirall opened the doors to its London headquarters, which will house around 50 staff responsible for the company's marketing activity in the UK and Ireland.
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Story collated for Zenopa by the Adfero News Agency