VIVUS enters pharma deals with big pharma Menarini for license of SPEDRA in over 40 European countries plus Australia and New Zealand and supply agreement.
SPEDRA is a new phosphodiesterase-5 inhibitor approved under the trade name STENDRA by the U.S. FDA in April 2012 and by the European Commission in June 2013 for the treatment of erectile dysfunction.
The Menarini Group is the leading Italian big pharma company in the world with over 125 years of history.
As part of the pharma deals, VIVUS will receive an upfront payment and various approval and sales milestones plus royalties on SPEDRA sales.
Within the first year of the pharma deals, VIVUS is expected to receive approximately $51 million including upfront payments totaling approximately $21 million.
Menarini will also reimburse VIVUS for payment made to cover various obligations to Mitsubishi-Tanabe Pharma Company during the term of the pharma deals agreement.
VIVUS is eligible to receive up to approximately $102 million in milestones and other payments over the life of the pharma deals agreement in addition to royalties.
The pharma deals agreement will continue on a country-by-country basis in the Menarini Territory, until the latest of: expiration of the last-to-expire valid VIVUS patent covering SPEDRA; data protection covering SPEDRA; or ten years after the SPEDRA product launch.
VIVUS and Menarini also entered into a supply agreement whereby VIVUS will supply Menarini with commercial product.
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