iNova acquires rights to Labopharm’s tramadol in Australia

Under terms of the agreement, iNova will have the exclusive right to market and sell Labopharm’s once-daily tramadol product in Australia. Labopharm will supply iNova with finished packaged product and will receive revenue from product sales commensurate with those of previous licensing and distribution agreements that Labopharm has entered into for European markets. Labopharm will also receive payments upon the achievement of certain milestones.

Labopharm is awaiting regulatory and pricing approval of its once-daily tramadol formulation in Australia, which is expected in the H1 of 2008, with launch to occur thereafter.