Thursday July 11, 1:00 am Eastern Time
Press Release
SOURCE: Serono S.A.
Serono and Pfizer to Co-Promote Multiple Sclerosis Treatment Rebif(R) in the United States
GENEVA, ROCKLAND, Mass., and NEW YORK, July 11 /PRNewswire-FirstCall/ -- Serono S.A. (virt-x: SEO and NYSE: SRA) and Pfizer Inc (NYSE: PFE - News) today announced an agreement to co-promote Serono's multiple sclerosis (MS) treatment Rebif® (interferon beta 1-a) in the United States.
Rebif® has been shown to decrease the frequency of clinical exacerbations and delay the accumulation of physical disability associated with relapsing forms of MS. Rebif® is approved for use in the United States and Europe and is registered for use in more than 70 countries worldwide.
"We are delighted to work with Pfizer as our marketing partner for Rebif® in the U.S.," said Ernesto Bertarelli, Chief Executive Officer of Serono. "The combined strengths of our companies will enable us to build on the strong momentum Rebif® has achieved since its launch, and to accelerate the market penetration of Rebif® in the U.S."
Under the terms of the agreement, Pfizer will pay Serono an up-front fee of $200 million, will share all commercialization and development costs in the U.S., and will receive a payment based on Rebif® sales in the United States. Serono will record all sales and continue to distribute the product in the U.S. The dedicated sales forces of the two companies will provide Rebif® with significantly greater reach than MS competitors in the U.S. The product will continue to be sold under the Rebif® brand name. Serono will continue to be sole marketer for Rebif® in the rest of the world.
"As the leading treatment for MS outside the U.S., Rebif® fits well with our goal to meet patient needs in significant diseases," said Pfizer Chairman and Chief Executive Hank McKinnell. "Rebif® also complements our broad portfolio of products that treat neurological disorders and further supports Pfizer's leading position in neurology." |
