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news.Indevus Pharmaceuticals has signed a license, supply and distribution agreement with Orion granting Orion the rights to market Vantas throughout Europe as well as certain other countries.
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Under the terms of the agreement, Orion will pay Indevus a $7 million up-front payment and various contingent payments related to approvals and sales thresholds which total up to $14 million. Additionally, Indevus has agreed to supply Vantas to Orion at a pre-determined transfer price subject to annual minimum purchase requirements beginning in 2009.
Vantas, a 12-month implant for the treatment of advanced prostate cancer, is currently undergoing the mutual recognition procedure for further European approvals.
Glenn Cooper, chairman and CEO of Indevus, said: “We are extremely pleased to be partnering with Orion for the sales and distribution of Vantas in Europe. The European market opportunity for Vantas is potentially greater than the current US opportunity and having a partner with the capabilities of Orion will enable us to effectively address this market.”