KV pays initial $10M for US rights to EvaMist

USA-based KV Pharmaceutical has bought the domestic marketing rights to California-based Vivus' EvaMist, a novel estrogen transdermal spray developed to deliver estradiol in a convenient easy-to-use dosage form for the treatment of vasomotor symptoms associated with the menopause.

Under the terms of the all-cash deal, KV will pay $10.0 million at closing and will also make an additional payment of approximately $140.0 million at the time of final approval from the US Food and Drug Administration. There are also two, one-time milestone payments tied to the net sales of the product. $10.0 million will be paid if the product achieves $100.0 million in net sales in a market year and up to $20.0 million if it achieves $200.0 million in net sales in a full year of sales. Further financial details were not disclosed.