Teva Europe is a subsidiary of the global generic pharmaceutical leader Teva Pharmaceutical Industries and is octreotide's licensee for France, Germany, Benelux, Spain and Scandinavia.
The agreement comprises of development, regulatory and sales milestones payments, product supply at fixed price as well as royalties on sales and agreed upon minimal annual sales. Ambrilia will manufacture the product and supply the finished product to its partner for sale in Europe. No financial terms were released.
“We believe this partnership with the world's largest generic pharmaceutical company bodes well for the future commercial success of octreotide in Europe,” said Hans Mader, president and CEO of Ambrilia.
Ambrilia is currently setting up limited clinical studies of its formulation in acromegalics, as scheduled in the development plan of the product. Completion of these studies is expected in the second half of 2007.
Octreotide is used for the treatment of a rare disease called acromegaly caused by a tumor of the pituitary gland, and for certain rare digestive tumors. The original product is commercialized as SandostatinLAR and is owned by Novartis.