BioAlliance gains three more EU Loramyc approvals
French firm BioAlliance Pharma SA has received three additional Marketing Authorizations under the European Mutual Recognition Procedure for Loramyc (miconazole) in Germany, Belgium and Luxemburg (following on from authorizations granted in January in the UK and Denmark; Marketletter January 14).
Market approval in Germany is another important milestone for BioAlliance Pharma in its Europe-wide commercialization strategy for Loramyc via the dedicated SpeBio subsidiary (a joint venture with SpePharm). Under the terms of the current licensing agreement, this MA will earn BioAlliance Pharma a 2.0 million-euro ($3.1 million) milestone from SpePharm. Payments linked to marketing approval in Germany and the UK now amount to a total of 4.5 million euros and will be fully counted in first-quarter 2008 turnover. The terms of the agreement include up to 17.0 million euros in sales-linked performance milestone.
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