OSLO,
Norway, Dec. 13, 2023 /PRNewswire/ -- Navamedic
ASA and Orion Corporation ("Orion") have today signed a non-binding
term sheet for a licensing- and supply agreement for Flexilev®,
including the Orafid dispenser, across Europe, not including Sweden, Norway, Denmark, and Iceland, where Navamedic will market and sell
the product. Flexilev® is a novel prescription treatment for
Parkinson's disease and was added to Navamedic's product portfolio
following the acquisition of Sensidose AB in May 2023.
Orion and Navamedic have agreed to enter into a final
agreement by the end of the first quarter of 2024.
"The intended agreement with Orion to market and sell Flexilev®
in Europe represents a major
milestone as part of the commercialization strategy for Flexilev®.
Since acquiring the product earlier this year, we have identified
several significant growth opportunities for Flexilev®, and this
potential agreement is one that can expand Navamedic's geographical
reach outside of our core market in the Nordics. Orion has
long-standing experience in the field of neurological diseases and
has paved the way for Parkinson's disease treatment in Europe, making it a strong commercial partner
that matches Navamedic's ambition for Flexilev®," says Kathrine Gamborg Andreassen, CEO of Navamedic
ASA.
Through the intended agreement, Orion will be granted the
exclusive right to market, distribute and sell Flexilev® in 27
countries in Europe, including the
"big five": Germany, France, Italy, Spain
and the UK. Orion will be the marketing authorization (MA) holder
in their territory and assume all rights and responsibilities as
the MA holder. Furthermore, Orion will be granted the right to use
Navamedic's trademarks for the product.
The intended licensing agreement will consist of a
non-refundable upfront payment of 2mEUR to Navamedic, upon
signature of the agreement. Additionally, Navamedic is entitled to
milestone payments of up to 3.5 mEUR upon reimbursement approval in
key countries, as well as royalties, and sales milestone payments.
Any potential future sales-based revenues to Navamedic will be
dependent upon the sales of Flexilev®.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO,
Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
About Navamedic
Navamedic ASA is a full-service provider of high-quality healthcare
products to hospitals and pharmacies. Navamedic meets the specific
medical needs of patients and consumers by leveraging its highly
scalable market access platform, leading category competence and
local knowledge. Navamedic is present in all the Nordic countries,
the Baltics and Benelux, with sales representation in the UK and
Greece. Navamedic is headquartered
in Oslo, Norway, and listed on the
Oslo Stock Exchange (ticker: NAVA). For more information, please
visit Navamedic.com.
About Flexilev®
Flexilev® was developed by Sensidose AB and is prescription
treatment for advanced Parkinson's diases. It contains two active
substances, levodopa and karbidopa, and is administered as micro
tables through Orafid, a tablet delivery device. With the
combination of Flexilev and Orafid, patients receive individualized
treatment and are provided with the correct dose at the correct
time.
About Orion Corporation
Orion is a globally operating Finnish pharmaceutical company – a
builder of well-being. We develop, manufacture and market human and
veterinary pharmaceuticals and active pharmaceutical ingredients.
Orion has an extensive portfolio of proprietary and generic
medicines and self-care products. The core therapy areas of our
pharmaceutical R&D are oncology and pain. Proprietary products
developed by Orion are used to treat cancer, neurological diseases
and respiratory diseases, among others. Orion's net sales in 2022
amounted to EUR 1,341 million and the
company had about 3,500 employees at the end of the year. Orion's A
and B shares are listed on Nasdaq Helsinki.
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