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news.Stellar Pharmaceuticals, a Canadian pharmaceutical company, has signed a licensing agreement for the distribution and sale of Uracyst in the UK and Ireland, with Galen, a pharmaceutical sales and marketing company.
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Under the terms of the agreement, Galen will pay Stellar an upfront milestone payment plus a specified transfer price in exchange for the rights to an exclusive license for this territory. This agreement has an initial 10-year term and may be renewed for an additional three-year term with the mutual agreement of both parties.
Uracyst is Stellar’s proprietary urology product used in the treatment of interstitial cystitis and painful bladder syndrome. With the approved CE mark for Uracyst already in place for the European market, it is expected that Uracyst will be launched early in the first quarter of 2009.
Peter Riehl, Stellar’s president and CEO, said: “The UK and Ireland market is ranked as one of the top three pharmaceutical markets in Europe, with a population of over 64 million and Stellar is very pleased to have a company with Galen’s experience promoting Uracyst. They have the sales force reach and expertise to successfully market and sell Uracyst in this key market.
“The out-licensing of Uracyst is an important component of Stellar’s overall global growth strategy and we expect this to be the first of a number of agreements to follow for the important European market.”