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news.Shares in Canadian pharmaceutical firm Dimethaid Research have climbed by around 8% after it announced the finalization of an amended agreement with Solvay Pharma to market and sell arthritis medication Pennsaid in Canada.
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Based on this agreement, Solvay has withdrawn its previously announced notice of termination.
The topically applied Pennsaid lotion has been proven to offer effective relief of pain and stiffness of osteoarthritis of the knee while offering a better overall safety profile than comparable oral medications.
Under the terms of the new agreement, Solvay will assume primary responsibility for Pennsaid sales and promotion in Canada. Dimethaid will continue to participate in Canadian marketing initiatives and will retain full responsibility for Canadian distribution and customer service, as well as managing international marketing, distribution, licensing and business development.
Solvay has assigned a team of sales representatives to promote Pennsaid as a “first product detail” and Dimethaid will contribute 50% of Solvay’s sales and marketing costs. The 10-year agreement allows for regular analysis of performance, revenue sharing and promotional spending.
“Our renewed relationship will help increase awareness of Pennsaid among Canadian health care professionals and patients,” said Dr Henrich Guntermann, Dimethaid’s president and CEO. “Given the increasing need for a safe, effective treatment for arthritis pain, we are confident Pennsaid will only continue to capture a greater share of the Canadian market.”