Posted on 06/05/2009 in Pharmaceutical Company Product News Orion has reacquired rights for Simdax in all global regions, except Latin America.
Abbott gained the licence for the formulation of levosimendan in 1998 and expanded the agreement further in 2004.
The drug is to treat acutely decompensated heart failure and now Orion has regained the rights to it, meaning it will sell the treatment in nearly 40 countries along with its partners.
Upon signing the agreement, the firm will pay Abbott $18 million (11.95 million pounds) and will give a further $15 million once cumulative net sales of the product have reached $12.5 million after the deal has been completed.
Prior to the arrangement, the company had marketing rights for the product in Norway, Sweden, Denmark, Iceland and Finland and this latest transaction adheres to the business' European-focussed growth plan.
Last month, Orion and Wockhardt settled a lawsuit regarding the latter's submission of abbreviated new drug applications for generic versions of the former's Comtan and Stalevo products.
Under the terms and conditions, Orion will supply Wockhardt with generic versions of the treatments.Other news stories from 06/05/2009
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