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news.Spanish pharmaceutical company Almirall has signed a pan-European licensing-in agreement with US-based Ironwood Pharmaceuticals for the compound, linaclotide, currently in late stage development for the treatment of syndrome with associated constipation and other gastrointestinal conditions.
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By means of this exclusive licensing-in agreement Almirall will be responsible for the commercialization of linaclotide in all country members of the EU, plus Russia, CIS, Switzerland, Norway and Turkey, as well as other countries of the former Yugoslavia. Almirall will also be responsible for the activities relating to obtaining regulatory approvals in the mentioned territories.
Under the terms of the agreement Almirall will pay an upfront of $40 million for the rights of linaclotide. Further payments are linked to the achievement of future development, regulatory and commercial milestones. As part of the agreement and subject to certain future conditions, Almirall will make a $15 million equity investment in Ironwood.
Jorge Gallardo, chairman and CEO of Almirall, said: “We are very pleased to have signed this agreement with Ironwood and are sure that linaclotide will represent a major advance for patients suffering from irritable bowel syndrome with constipation in Europe while strengthening our commitment to the gastrointestinal area.
“We are looking forward to progress into the collaboration with Ironwood. This partnership represents a step forward for Almirall reinforcing our presence in European markets. It is also an important milestone in our offering society innovative medicines to fulfil unmet medical needs.”