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Under the terms of the agreement, Bayer Schering Pharma has agreed to pay ProStrakan unspecified upfront and milestone payments, subject to the achievement of certain approvals and sales targets.
ProStrakan will exclusively supply Tostran to Bayer Schering Pharma in Canada, Latin America, the Middle East, Africa, Asia and the Pacific region and will receive an undisclosed royalty rate on sales generated in these territories.
Tostran is a 2% testosterone gel presented in a canister with a metered pump. Each depression of the pump provides 0.5g of gel, equivalent to 10mg of testosterone. Tostran is indicated for testosterone replacement therapy for male hypogonadism when testosterone deficiency has been confirmed by clinical symptoms and biochemical analyses.
Wilson Totten, CEO of ProStrakan, said: "Outlicensing Tostran to Bayer Schering Pharma in these territories is in line with our strategy of capitalizing on the value of our products in parts of the world that are non-core for ProStrakan.
"In Bayer Schering Pharma, we have a worthy and sizeable partner with a deep understanding of the testosterone replacement market who is well-placed to bring this product to clinicians in each of these territories."
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