On April 25, 2016, the Companys wholly-owned subsidiary, NexMed (U.S.A.), Inc. (NexMed) and Takeda Pharmaceuticals International AG (Takeda) mutually agreed to terminate the exclusive license agreement, previously entered into in September 2012, whereby NexMed granted Takeda exclusive rights to market NexMeds Vitaros
drug for the treatment of erectile dysfunction in the United Kingdom.
In addition, on April 25, 2016, NexMed entered into an amendment to the distribution agreement with Ferring International Center S.A. (Ferring), whereby NexMed extended Ferrings exclusive rights to market NexMeds Vitaros
drug for the treatment of erectile dysfunction in Latin America and certain Caribbean countries to now include the United Kingdom (collectively the Territory).
Under the terms of the agreement, NexMed will receive an additional upfront payment of $250,000 from Ferring for the United Kingdom rights. NexMed is also eligible to receive up to $16 million in regulatory and sales milestone payments, plus high single-digit to low double-digit royalties based on Ferrings net sales of the product in the Territory. Ferring has agreed to obtain all necessary regulatory marketing approvals.
These transactions are part of the Companys ongoing effort to enhance the global Vitaros
brand, improve operating efficiencies, and insure that Vitaros
is available to patients in licensed territories where the product is approved for marketing by the regulatory authorities. |
