Medical Developments International (MVP) has announced that it will buy back the European Union rights to its Penthrox methoxyflurane inhaler from Mundipharma for €3 million, plus a 5% royalty up to a maximum of €5 million. The companies plan a 6-month transition period beginning September 1, 2020.
Penthrox is approved throughout Europe for the emergency treatment of moderate to severe pain in trauma patients. Last year, MVP announced data from several European studies demonstrating the superiority of Penthrox to intravenous morphine, NSAIDS, paracetamol (acetaminophen), and ketoprofen in trauma settings. According to MVP, 568 EU organizations are currently buying Penthrox, and the company expects to grow that number substantially.
MVP Chairman David Williams said, “This buyback is a turning point in the history of MVP. We are the beneficiaries of the enormous effort and expense Mundipharma has invested in pre-marketing activities, marketing approvals, patient trials, clinical data and initial market launches. Mundipharma is going through a significant reorganization. As a result of these unusual circumstances we are able to access the local European experience of well-qualified staff and all of the work and materials relating to our business.”
MVP Acting CEO Max Johnston commented “Mundipharma has expended a very significant amount of funds in the pre-marketing phase and initial market entries and have done an excellent job on the preparing and seeding of the market. The separation of the MVP business from Mundipharma is collegial and friendly. Both companies are focused on building on the enormous amount of work already done and serving the needs of patients and customers.”
In June 2019, MVP announced that Mundipharma had acquired the Australian rights to Penthrox, and the company also markets Penthrox in a number of non-EU European countries. Galen acquired the UK and Irish rights in 2014; Purdue Pharma, acquired Canadian rights to Penthrox in 2016; and Daiichi Sankyo acquired the rights to distribute Penthrox in China, Vietnam, and Thailand in 2018. In the US, the FDA placed a clinical hold on Penthrox development in 2018; last year, MVP said that it had met with the FDA and had a path to move forward.
Read the MVP press release.
