This fenofibrate uses LifeCycle Pharma’s Meltdose technology, which is designed to provide enhanced absorption and greater bioavailability.
Under the terms of the agreement with Sciele, LifeCycle Pharma has already received an upfront payment of $5 million, and will receive a further $4 million milestone payment now that the fenofibrate product has received FDA approval.
LifeCycle Pharma will also receive milestone payments of up to $8 million when certain sales targets are met, and tiered royalty payments on product sales.
The receipt of $4 million in approval milestone does not change LifeCycle’s financial expectations for 2007.
The fenofibrate product will have the lowest dosage strengths of fenofibrate available for patients and will be marketed in the US by Sciele Pharma’s primary care sales force by the end of 2007.
Patrick Fourteau, CEO of Sciele, said: “We are enthusiastic about introducing LifeCycle Pharma’s fenofibrate in 120mg and 40mg dosage strengths. This fenofibrate, along with our current Triglide product line, will enable us to increase our share of the fenofibrate market by broadening our offerings in this fast-growing area of the cardiovascular market.”