Meda acquires rights to Orexo drugs

Specialty pharmaceutical company Meda has acquired worldwide commercialization rights for two of fellow Sweden-based company Orexo's patented, late-stage development drugs.

Meda has paid $20.0 million for the rights to OX22, for the treatment of insomnia, and OX-NLA, a nasal spray that is effective against rhinitis. It will also pay a further sum when the following milestones are reached:

OX22 will earn Orexo a further $30.0 million on Food and Drug Administration approval, then bonuses of $20.0 million when the drug reaches sales of $150.0 million, $200.0 million and $400.0 million respectively;