Manhattan and Nordic form JV to develop Hedrin in USA

The USA's Manhattan Pharmaceutical has entered into a joint venture agreement with Nordic Biotech Advisors ApS to develop and commercialize Hedrin (dimeticone and cyclomethicone), the former's novel, non-insecticide treatment for head lice. Manhattan is developing the agent as a medical device in the USA. The total deal, valued at up to $9.65 million, provides for the formation of an equally split joint venture entity that will own, develop and secure a commercialization partner for Hedrin. Under the terms of the agreement, Nordic will invest up to $5.0 million in the JV in exchange for a 50% ownership interest. Manhattan will transfer its North American rights to Hedrin to the JV in exchange for a 50% stake valued at up to $5.0 million plus as much as $3.65 million in cash.