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Santhera is a Switzerland-based pharmaceutical company focused on the treatment of neuromuscular diseases, while Biovail Corporation is a Canada-based specialty pharmaceutical company.
Under the terms of the agreement, Santhera would receive an upfront payment of $8 million and a further payment of $4 million upon the successful closing of its acquisition of Oy Juvantia Pharma, Ltd. Biovail would pay up to $35 million in potential development and regulatory milestones associated with the initiation of a phase III study, regulatory submissions and approvals of JP-1730/fipamezole in Dyskinesia Parkinson's disease.
The agreement also stipulates that Biovail make additional milestone payments of up to $145 million as certain sales thresholds are met. Santhera would also receive royalty payments of 8% to 15% on net commercial sales of JP-1730/fipamezole. If Biovail pursues a second indication, then approximately $20 million in additional success milestones would be payable to Santhera upon approval.
As per the agreement, Biovail would be responsible for the remaining clinical development programs and costs in the US and Canada. Santhera and Biovail have agreed to collaborate on the development program. Santhera would have the right to use and sub-license data generated for development and commercialization purposes outside of North America. Initiation of the first phase III study in the US is scheduled for 2011. Santhera would retain co-promotion rights in the US.
JSB Partners is acting as financial advisor to Santhera.
Deal Type Partnership Sub-Category Development,Commercialization,Licensing Agreement,Sales Deal Status Announced: 2009-08-24
Deal Participants
Partner 1 (Company) Santhera Pharmaceuticals (Switzerland), Ltd. Partner 2 (Company) Santhera Pharmaceuticals AG Partner 3 (Company) Biovail Corporation Partner 4 (Company) Biovail Laboratories International SRL
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