Under the terms of the agreement, Azur paid BioSante $3.3 million comprised of a product licensing fee and payment for the transfer of the trademark and inventories, amongst other items. In addition, Azur Pharma will pay BioSante royalties and contingent milestones based on future net sales of Elestrin.
Azur will market Elestrin to estrogen prescribing physicians in the US, comprised mostly of gynecologists, through its women’s health and urology sales force. Elestrin was approved by the FDA in December 2006 and is patented through June 2022.
Mr Seamus Mulligan, chairman and CEO of Azur, said: “We are impressed with the potential for Elestrin in the US given its approved ultra-low dose regimen. The product is an important addition to our women’s health product portfolio and we look forward to launching our Elestrin efforts in early 2009.”