Under the terms of the agreement, Norgine is granted an exclusive licence to develop and market Colal-Pred in Europe, South Africa, Australia and New Zealand. Alizyme will immediately receive an upfront payment of E2 million, followed by additional payments of up to E40.75 million on the achievement of future development and sales milestones.
Norgine will be responsible for all commercialization costs and will pay double digit royalty rates to Alizyme that increase with higher annual net sales levels.
Tim McCarthy, Alizyme’s CEO said: “We believe that Norgine, with its focus on gastroenterology and a strong and balanced pan-European presence, is uniquely positioned to maximize the commercial potential of Colal-Pred in Europe as well as in the other territories included in this deal.”