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news.Veloxis Pharmaceuticals, a specialty pharmaceutical company, has signed a distribution agreement with Chiesi Farmaceutici for immunosuppressant drug candidate LCP-Tacro in certain countries, including Europe, Turkey and CIS countries.
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Under the agreement, Chiesi will be responsible for the distribution of Veloxis’ LCP-Tacro product in addition to promoting the drug and handling pricing and reimbursement for its use in the prevention of rejection in kidney transplant recipients.
Subject to Veloxis’ agreement, Chiesi will also have the right to develop LCP-Tacro for further indications in the territory of the agreement.
Veloxis president and chief executive officer William Polvino said, "We are thrilled to announce this partnership with Chiesi, a company who we believe to be an ideal partner for Veloxis in Europe and who will effectively launch and sell LCP-Tacro within this critical region of the globe."
As per the agreement, which will extend through expiry of product patents in the territory of the agreement, Veloxis will earn around $47.5m as up-front and milestone payments that are subject to the accomplishment of certain regulatory milestones and sales targets.
Veloxis will supply product to Chiesi for sale in the Territory at a transfer price at a pre-agreed double-digit percentage of the product’s sales price. Additionally, Chiesi is committed to certain minimum purchases during the term of the agreement.