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news.Forest Laboratories Holdings Limited, a wholly owned subsidiary of Forest Laboratories, has entered into a definitive collaboration and distribution agreement with Janssen Pharmaceutica and Janssen Pharmaceutical respectively, on behalf of Janssen Inc, for Bystolic (nebivolol) and Savella (milnacipran HCl) in Canada.
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As per the terms of the agreement, Forest is entitled to get an undisclosed signing fee, milestones and sales-related royalties from Janssen Pharmaceutica and Janssen Pharmaceutical, in exchange for exclusive sublicenses to Janssen Inc for the commercialisation of Bystolic and Savella in Canada.
Janssen Inc will assume responsibility for the Canadian regulatory approval and commercialisation of Bystolic and Savella in Canada.
Forest will have the opportunity to co-promote at any time after the first anniversary of regulatory approval for either product.
Forest plans to establish a wholly owned Canadian affiliate that will exercise the co-promotion rights for Bystolic and Savella in Canada, and that will also take responsibility for the future regulatory filings and commercialisation of its pipeline products in Canada.
Forest Laboratories chairman and CEO Howard Solomon said that they are pleased to have entered into this collaboration for the commercialisation of Bystolic and Savella in Canada.
"This collaboration is a significant and valuable first step towards establishing a Forest presence in Canada, and look forward to the expansion of Forest Laboratories into Canada," Solomon said.