Under the terms of the current licensing agreement, this marketing authorization will earn BioAlliance Pharma a E2 million milestone payment from SpePharm. Milestone payments linked to marketing approval in Germany and the UK now amount to a total of E4.5 million and will be fully counted in the turnover of first quarter of 2008. The terms of the agreement include up to E17 million in sales-linked performance milestone payments.
Market approval in Germany is another important milestone for BioAlliance Pharma in its Europe-wide commercialization strategy for Loramyc via the dedicated SpeBio subsidiary (a JV with SpePharm).
Dominique Costantini, president and CEO of BioAlliance, said: “We are working closely with the regulatory agencies in the remaining countries (Italy, Spain, Ireland, Sweden, Norway, Finland and The Netherlands), which should grant their approval in the very near future. The product availability for patients will depend on price negotiation and reimbursement constraints in each country but are scheduled for 2008 in the UK and Germany, in particular.”