Speedel eligible for royalties from Novartis

Basel, Switzerland-based Speedel Holding says it has received from Swiss drug major Novartis the revenue report regarding SPP100 (Tekturna/Rasilez) for the three months ending September 30, as a result of which it has updated its revenues and now confirms that it has earned a total of 621,000 Swiss francs ($563.060) for the third quarter compared to management's best estimate of 571,000 francs previously announced with its financial results (Marketletter November 26).

This report details the royalties due to Speedel from Novartis' reported net sales of $9.0 million for SPP100 in the USA and Europe. It also includes for the first time details on the cost-of-goods savings which Novartis has achieved for product sold during the third quarter, using the chemical synthesis route developed by Speedel and licensed to the drug firm in 2002. A small portion of the product sold by Novartis in the third quarter was reported to be eligible for the savings on cost-of-goods stipulated in the licensing agreement.