2nd Oct 2015 07:42
LONDON (Alliance News) - Vernalis PLC Friday said it has acquired the US rights to the amoxicillin extended-release tablet brand MOXATAG from Pragma Pharmaceuticals LLC.
MOXATAG is the first and only approved once-daily formulation of the amoxicillin antibiotic, Vernalis said, and is used for the treatment of tonsillitis and pharyngitis.
Vernalis has paid an undisclosed up-front cash payment for the rights and will make a further payment upon the successful manufacture of a re-launched finished dose product, expected to be by the end of 2015.
It added that the consideration does not materially impact the group's cash resources.
Under the terms of the transaction, Vernalis will take over supply chain responsibility and will pay Pragma royalties on net sales and further potential sales-related milestones.
"The acquisition of MOXATAG is another important step in our transition to a commercial specialty pharmaceutical company. We are delighted that we have been able to quickly expand our primary care product portfolio and leverage our newly established US commercial infrastructure following the recent US launch of TUZISTRA XR, our extended-release cough cold oral suspension. MOXATAG has a strong fit with our target physician audience for TUZISTRA XR and we look forward to re-launching the product in early 2016 and to its contribution to our commercial business," Chief Executive Ian Garland said in a statement.
Shares in Vernalis were trading up 1.2% at 78.15 pence early Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Vernalis PLC