The companies said that the restructuring is mutually beneficial based upon a review of each company’s long-term business strategies and objectives.
The restructured agreement will allow Wyeth to receive a reduced royalty on sales of the drug while freeing up the company’s marketing capacity in anticipation of the launch of several new products.
Meanwhile, Brian Markison, King’s president and CEO, said that the new agreement also presents an opportunity for his own company. “We are extremely excited that our experienced commercial team will assume full marketing responsibility for Altace and have the opportunity to aggressively pursue and build on our marketing strategy, as we plan to invest incrementally in the promotion of Altace,” he stated.
During the co-marketing collaboration net sales of Altace have increased from $122 million in 1999 to $554 million in 2005.