Updated on 15 May 2012
Priligy to be commercialized by Menarini in Europe, most of Asia, Africa, Latin America and the Middle East
Singapore: Furiex Pharmaceuticals and Menarini Group have signed an agreement giving Menarini rights to commercialize Priligy, the first oral medication approved for "on-demand" treatment of premature ejaculation, in Europe, most of Asia, Africa, Latin America and the Middle East.
Furiex will retain full development and commercialization rights in the US, Japan and Canada.
Currently, Priligy is marketed for on-demand treatment of premature ejaculation in 15 countries in Europe, Asia and Latin America, while it is approved for that indication in 43 countries worldwide.
Under the terms of the agreement, Furiex will be eligible to receive a $15 million payment upon closing, up to $20 million in regulatory and launch milestones and up to $40 million in sales-based milestones, plus tiered royalties on product sales ranging from mid-teens to mid-twenties in percentage terms. Menarini will assume responsibility for commercialization activities in the licensed territories and will fund ongoing clinical trials.
Dr June Almenoff, president and chief medical officer of Furiex, stated, "We are extremely pleased to partner with Menarini and are confident that our experience and skills, coupled with the global presence and pharmaceutical experience of Menarini, should expand the development and commercialization of Priligy."