Oscient amends Factive deal with LG Life Sciences

Oscient Pharmaceuticals has amended its license and option agreement with fellow USA-based LG Life Sciences for its oral antibiotic Factive (gemifloxacin mesylate). The amendment adds several European countries to the license agreement so that all the current members of the European Union are included. In addition, the amendment restructures the economic terms relating to sales of Factive in Europe, including a reduction in royalty rates to enable maximum investment in the brand through a potential European partnership.

Oscient and LG previously amended the Factive licensing agreement in the USA, Canada and Mexico. Subsequently, in 2006, Oscient forged partnerships for the commercialization of the drug in Mexico and Canada. The amended license now covers more than 40 countries in Europe, including all the members of the EU. The antibiotic market in Europe is estimated at $5.0 billion, with the four largest markets for such agents, France, Germany, Italy and Spain, all covered in the amended license.