Indevus licenses Vantas to Orion in Europe
The USA's Indevus Pharmaceuticals has granted Finnish drugmaker Orion rights to market Vantas (histrelin acetate subcutaneous implant) throughout Europe, as well as certain other countries. The product is a 12-month implant for the treatment of advanced prostate cancer which was launched in the USA in November 2004 and was approved for use in Denmark in 2005 and in the UK in 2007. Vantas is currently undergoing the mutual recognition procedure for further European approvals.
Under the terms of the agreement, Orion will make a $7.0 million up-front payment and various contingent fees related to approvals and sales thresholds which total up to $14.0 million. Additionally, the firm has agreed to supply Vantas to Orion at a pre-determined transfer price subject to annual minimum purchase requirements beginning in 2009.
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