Pronova Biopharma and Abbott amend multinational partnering agreement for Omacor® in 69 countries
(Thomson Reuters ONE) -
15 September 2010, Lysaker: Pronova BioPharma ASA (OSE: PRON.OL) and Abbott
Products Operations AG today announced an amendment to their existing License
and Supply Agreement for Omacor®. The new partnership is expected to maximise
the sales growth and market potential of Omacor® in the 69 countries covered by
the agreement, including United Kingdom, Greece, Germany, Eastern Europe, the
Middle East, Russia, Australia, Canada, China and India. The new agreement also
establishes a framework for the collaborative development of new and improved
omega-3 derived pharmaceutical products.
Key terms of the new agreement include:
· The payment of an upfront incentive fee to Pronova BioPharma of EUR
19.5 million, which will be offsettable against the first EUR 19.5 million of
royalties owed to Pronova BioPharma during the first three years of the
contract;
· The establishment of a Joint Development Committee, to review and
discuss potential collaborative opportunities related to product development;
Abbott announced the completion of the acquisition of Solvay Group's
pharmaceuticals business, Solvay Pharmaceuticals, on 16 February, 2010.
Following the change-of-control of Solvay Pharmaceuticals, Pronova BioPharma
undertook a strategic review of the sales and marketing opportunities for
Omacor® in a number of major territories, including the United Kingdom, Greece,
Germany, Eastern Europe, the Middle East, Russia, Australia, Canada, China and
India. The new partnership agreement with Abbott is the culmination of this
commitment to improve Omacor's market penetration and revenue growth in some of
the world's fastest growing markets.
"Following the acquisition of Solvay Pharmaceuticals, Abbott has developed
strategic plans for Omacor® that are encouraging and demonstrate a significant
step-up in our partner's commitment to Omacor® in the territories covered by the
agreement. We believe Abbott will be a strong partner in our efforts to reach
our ambitious goals for Omacor® worldwide. We also look forward to working
closely on expanding our pharmaceutical pipeline and product range through the
Joint Development Committee," said Morten Jurs, CEO and president of Pronova
BioPharma.
"We are committed to building on the positive relationship with Pronova
Biopharma to drive further growth in sales of Omacor® within the agreement
territories," said Brendan McAtamney, vice president, Commercial, Abbott
Established Products Division.
Contact
Morten Jurs, CEO, telephone: (+47) 22 53 49 10, email: morten.jurs(at)pronova.com
Hamed Brodersen, VP IR and Communications, telephone: (+47) 40 46 81 10, email:
hamed.brodersen(at)pronova.com
About Pronova BioPharma
Pronova BioPharma is a global leader in the research, development and
manufacture of marine-originated omega-3 derived pharmaceutical products.
Pronova is the first and only company with an EU and FDA approved Omega-3
derived prescription drug. Pronova BioPharma's first commercialized product is
branded as Omacor® in a number of countries throughout Europe and Asia and as
Lovaza(TM) in the United States. The product is manufactured, using a unique and
complex process, at the Company's plants in Sandefjord, Norway and Kalundborg,
Denmark.
Omacor®/Lovaza(TM )is the first and only EU- and FDA-approved omega-3 derived
prescription drug. The drug is prescribed as an adjunct to diet for the
treatment of elevated levels of triglycerides in humans, a condition known as
hypertriglyceridemia (HTG), a form of dyslipidemia (or disorder of lipid
metabolism). Very high triglycerides have been linked to a number of
cardiovascular diseases. Omacor® is also approved in key European and certain
Asian markets for the secondary prevention of post-myocardial infarction, or
Post-MI, the period following the initial survival of a heart attack.
Omacor®/Lovaza(TM) has been demonstrated in a number of clinical trials to be a
potent triglyceride-lowering agent as a monotherapy. It has been documented to
be efficacious, safe, and highly complementary to other lipid-lowering agents,
such as statins. In addition, Pronova BioPharma is involved in various projects
to develop Omacor®/Lovaza(TM) in a number of cardiovascular indications,
including as a combination therapy with statins for mixed dyslipidemia which
management believe represents a major market opportunity for the Company.
Pronova BioPharma's global network of license and distribution partners
includes: GlaxoSmithKline PLC (USA), Takeda Pharmaceutical (Japan), Prospa
(Italy) and Abbott (UK, Germany and others). The combined sales force from this
network, focused on the sale of Omacor®/Lovaza(TM), is approximately 2,650 sales
representatives.
Omacor®/Lovaza(TM) was launched in 2005 in the USA and in major European
markets, such as France and Spain. IMS Health reports that global end-user sales
of the product have increased from USD 144 million in 2005 to USD 1.1 billion in
2009.
Pronova BioPharma had revenues of NOK 1 790 million and EBITDA of NOK 823
million in 2009. The company is listed at Oslo Børs. See www.pronova.com for
more information.
Disclaimer
Certain statements in this release concerning our future growth prospects are
"forward-looking statements", which involve a number of risks, and uncertainties
that could cause actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to these
statements include, but are not limited to, risks and uncertainties regarding
fluctuations in earnings, our ability to manage growth, intense competition in
the pharmaceutical industry including those factors which may affect our ability
to manufacture our products, our ability to attract and retain highly skilled
professionals, the regulatory environment in which we operate and unauthorized
use of our intellectual property and general economic conditions affecting our
industry. We do not undertake to update any forward-looking statement that may
be made from time to time by us or on our behalf.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1444411]
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other applicable laws; and
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originality of the information contained therein.
Source: Pronova BioPharma ASA via Thomson Reuters ONE
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Datum: 15.09.2010 - 06:00 Uhr
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