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Biotech / Medical : Celltech Group (NYSE: CLL)
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To: Tom Nealon who started this subject10/30/2003 3:12:27 AM
From: nigel bates  Read Replies (1) of 123
 
Celltech Group Licenses European Sales Rights To Xyrem
Thursday October 30, 2:51 am ET

Edited Press Release
LONDON -(Dow Jones)- Celltech Pharmaceuticals, a division of Celltech Group PLC (NYSE:CLL - News), Thursday said it has licensed European sales and marketing rights to Xyrem (sodium oxybate) oral solution from Orphan Medical, Inc. (NasdaqNM:ORPH - News)

Orphan Medical received U.S. FDA approval in July 2002 to market Xyrem as a treatment for cataplexy in patients with narcolepsy.

Celltech expects to file a Xyrem marketing authorization application for the cataplexy indication in Europe in early 2004 and, upon approval, will use its specialist sales forces to market the product to the target audience of neurologists and sleep specialists.

Celltech will be responsible for the registration, sales and marketing of Xyrem in Europe. Celltech has made an upfront payment of $2.5 million to Orphan Medical and will make further payments of up to $6 million tied to product development milestones and up to $7 million tied to sales related milestones.

Celltech will also pay Orphan a royalty on sales of the product, which will begin no earlier than 2005. The licensing agreement includes the use of Xyrem in narcolepsy and provides Celltech with rights to negotiate in regard to other potential future indications including fibromyalgia syndrome.

Ingelise Saunders, chief executive of Celltech Pharmaceuticals, said: "Xyrem fits well with our existing specialist-focused sales and marketing activities and will provide further critical mass to our European pharmaceutical business.

"Celltech already has considerable physician contact in the neurology field through its aquasym (methylphenidate) range of attention deficit disorder products and other neurological products, and Xyrem will complement this well." ...
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