Trevyent is SteadyMed’s lead drug product candidate currently under development stage that combines its PatchPump technology with treprostinil, a vasodilatory prostacyclin analogue to treat PAH.
As part of the license deal, SteadyMed will receive $12.25m in connection with regulatory and sales milestones, including an upfront payment of $3m.
Additionally, Cardiome has agreed to pay to SteadyMed a transfer price on finished goods and a scaling double-digit royalty on future Trevyent sales.
SteadyMed president and chief executive officer Jonathan Rigby said: "We believe this agreement will help to ensure that Trevyent, if approved, will be available to the patients who need a ready to use and easier to administer alternative product to treat this serious and debilitating condition."
Cardiome CEO William Hunter added: "We look forward to working with SteadyMed as we jointly prepare for submission of the request for regulatory approvals for Trevyent beginning in 2016. We are thrilled to have the opportunity to promote this new and exciting product candidate."
The exclusive agreement includes Europe, Canada and the Middle East.