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news.Photocure and Ipsen have teamed up for the commercialization of Hexvix, indicated for improving detection and resection of bladder cancer, worldwide except (USA) and the Nordic region.
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GE Healthcare has held the license to market, sell and distribute Hexvix since 2006.
As per the deal, Photocure and GE Healthcare are eligible to get an upfront payment of EUR19m from Ipsen.
Ipsen is also responsible to pay a sum of EUR5m as manufacturing milestones to Photocure and GE , as well as royalties on net sales and milestones on specific sales achievements.
In addition, Photocure will manufacture the product for Ipsen and, in 2012 and 2013 will invest with Ipsen in marketing and sales programs up to EUR3m to drive momentum and accelerate the sales growth of Hexvix.
Further financial terms were not disclosed.
Ipsen chairman and CEO Marc de Garidel said Hexvix will develop commercial synergies with Decapeptyl, their GnRh analog indicated for the treatment of advanced prostate cancer and with tasquinimod currently in Phase III development by their partner Active Biotech for asymptomatic or mildly symptomatic, chemotherapy-naive men with metastatic, castrationresistant prostate cancer (mCRPC).