Labopharm licenses tramadol to iNova for Australia

Canada's Labopharm has entered into a licensing and distribution agreement with iNova Pharmaceuticals (Australia) Pty for its once-daily tramadol product for Australia.

"Building on the launch of our once-daily tramadol product across Europe and in Canada, we continue to add strong distribution partners as we prepare for additional product launches in key markets globally throughout this year," said James Howard-Tripp, chief executive of the Quebec-based firm, adding: "Australia represents a sizable opportunity and is an important component of the global commercialization plan for our product."

Under terms of the deal, iNova will have the exclusive right to market and sell the product in Australia. Labopharm will supply iNova with finished packaged product and will receive revenue from product sales commensurate with those of previous licensing and distribution agreements that Labopharm has entered into for European markets. It will also receive payments upon the achievement of certain milestones.