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news.Paion and H Lundbeck have entered into an expanded license agreement for Desmoteplase, a fibrin-specific plasminogen activator, indicated for the treatment of acute ischaemic stroke. A new clinical Phase III trial with Desmoteplase in acute ischaemic stroke is also being planned.
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Under the terms of the new agreement Lundbeck obtains global exclusive rights to Desmoteplase (now including North America) with full control of development and commercialization of the drug while bearing all future development costs. Paion will have a supporting role in the future development of Desmoteplase and retains an option to co-promote Desmoteplase in Germany, Switzerland and Austria.
Within the new deal structure, Paion will be eligible for a total of up to E71 million in upfront and milestone payments, of which E38 million consist of pre-commercialization milestones and E25 million are due post approval on first commercial sales and reaching undisclosed sales targets. Paion will receive E8 million upfront. In addition, Paion will receive double-digit net royalties, which have been reduced compared to the previous contract.
The agreement is conditional and subject to Lundbeck’s final IP due diligence and certain outstanding IP related issues, which will be completed no later than January 2008.