Jazz will pay 178.000 euros upon signing the agreement
The pharmaceutical company Faes Farma has signed an agreement with the American company Jazz Pharmaceuticals for the development, manufacture and marketing of its antidepressant Flufenoxine, for which it will receive more than 2,5 million dollars (1,8 million euros) within three years.
According to information provided by Faes Farma to the National Securities Market Commission (CNMV), Jazz will pay $250.000 (€178.000) upon signing the agreement, $350.000 (€249.000) within one year and $2 million (€1,4 million) when the second phase of clinical research begins in the US, scheduled for three years from now.
The agreement stipulates that the US company will finance all clinical and regulatory development of the new antidepressant and will be responsible for its marketing in the US, Europe and Asia, while Faes Farma will retain the sales rights for Spain, Portugal and Latin America.
The agreement also includes a series of other unspecified payments as the product development progresses, royalties, and additional amounts starting from the start of Flufenoxina's commercialization.
In a statement, the president of Faes Farma, Eduardo Fernández de Valderrama, indicated that the agreement "opens up prospects for significant benefits" and represents a saving of "the heavy expenditure necessary for the development of the product."
With an estimated value of 13 billion euros, the antidepressant market is the largest of the drugs related to the nervous system and the third largest of all therapeutic groups.
Depression affects 300 million people worldwide, and its incidence is expected to increase due to the aging population and the current pace of life.
The agreement signed today joins the one signed in November 2006 with Inspire for the marketing of the antihistamine Bilastine in the US and Canada.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
