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news.Impax Pharmaceuticals and AstraZeneca have entered into a licensing agreement for the exclusive US commercial rights of Zomig (zolmitriptan) tablet, orally disintegrating tablet, and nasal spray formulations.
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As per the agreement, Impax will even have non-exclusive rights to develop new products containing zolmitriptan and to exclusively commercialize these products in the US in connection with Zomig brand.
Acording to the contract, Impax will pay AstraZeneca quarterly payments totaling $130m during 2012, and thereafter, it will pay AstraZeneca tiered royalties on future sales of zolmitriptan products.
Impax is expected to receive the benefit of the gross profit on US Zomig sales commencing from 1 January 2012.
Impax president and CEO Larry Hsu said the Zomig license is the latest effort in their active pursuit of additional long term growth opportunities for their generic and brand businesses.
"We expect Zomig will contribute meaningfully to our total company revenues and earnings in 2012 and 2013," Hsu added.