Ovation licenses US rights to Xenazine
Ovation Pharmaceuticals has acquired from Prestwick Pharmaceuticals the exclusive license in the USA to commercialize Xenazine (tetrabenazine), an orphan drug recently approved by the Food and Drug Administration for the treatment of chorea associated with Huntington's disease. Financial terms of the deal were not disclosed.
Earlier this month (Marketletter September 22), Biovail acquired Prestwick for $100.0 million in cash and the Canadian firm says it will honor the accord and continue to supply Xenazine . Under the terms of the deal, the two firms will jointly develop additional follow-on indications for the agent and related products in the USA in conjunction with UK-based Cambridge Laboratories, the worldwide license holder of the drug.
Xenazine is the first and only FDA-approved treatment for any HD-related disorders. Ovation expects to launch the product in the USA by the end of this year. The US Food and Drug Administration approved the drug at the end of August (Marketletter September 1).
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