Almac subsidiary Galen Ltd will pay Medical Developments International (MVP) approximately A$650,000 (~US$587,000) up front for a license to market and distribute MVP’s Penthrox inhaled methoxyflurane in the UK and Ireland. The deal also includes undisclosed regulatory and sales milestone payments.
Penthrox, a non-opioid analgesic delivered via a proprietary vapor inhaler is to be used by patients under the supervision of emergency healthcare personnel for the relief of pain due to traumatic injuries, is not yet approved in Europe. According to MVP, over five million units of the product have been sold in Australia over at least three decades.
MVP CEO John Sharman commented, “The agreement represents a significant achievement for MVP as it progresses with its regulatory dossier and Marketing Authorization Application in the United Kingdom, France, Belgium and Ireland. We hope to achieve marketing approval in these European markets before the end of calendar 2014. We estimate the emergency market in the UK for Penthrox is circa 5 times that of the Australian market and therefore represents a substantial opportunity for MVP and Galen”
Galen Managing Director David Bennett said, “Galen continues to invest in building a portfolio of innovative branded products with global potential, and we are delighted to sign this deal with MVP to supply Penthrox for the immediate relief of minor trauma and pain in the UK and Ireland.”
Read the MVP press release.
