Gentium buys rights to Defibrotide for $34M

Gentium SpA has agreed to acquire domestic marketing authorizations for Defibrotide and other related assets, from fellow Italian drugmaker Crinos SpA for 16.0 million euros ($33.9 million) in cash and other considerations.

As part of the deal, Crinos will be entitled to distribute only the oral formulation of Defibrotide in Italy until the end of 2008. The firm has agreed to waive its right of first refusal to market future therapeutic indications for the agent in Europe, in return for a 1.5% royalty from Gentium on net sales of Defibrotide for the treatment and/or prevention of hepatic veno-occulsive disease in Europe for seven years.