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news.Stellar Pharmaceuticals has signed a licensing agreement for the distribution and sale of Uracyst in Turkey and the Turkish Republic of Northern Cyprus, with Eczacibasi Ilac Pazarlama, which is based in Istanbul, Turkey. Uracyst is Stellar's proprietary product used in the treatment of interstitial cystitis and painful bladder syndrome.
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With the approved CE Mark for Uracyst already in place for the European market, Eczacibasi Ilac Pazarlama (EIP) has agreed to obtain all necessary regulatory approvals at its sole cost and 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 five year term and may be renewed for an additional three year term with the mutual agreement of both parties. The licensing deal was brokered by the international pharmaceutical business development consulting firm Bosfor Bioscience Partners.
Stellar currently markets Uracyst directly in Canada and Israel. Stellar also has out-licensing agreements in place for Uracyst in the US and China, which are currently awaiting regulatory approvals.
Peter Riehl, president and CEO of Stellar, said: “This agreement reflects the company’s strategy to license its proprietary products into the global marketplace and we look forward to building a long-term working relationship with EIP. 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 for the important European market.”