CV Therapeutics Announces License Agreement for Ranexa(R) in Europe With Mena...( - Upfront milestone payments and pr...)

- Upfront, milestone payments and promotional investment totaling up to

$385 million plus royalties -

PALO ALTO, Calif., Sept. 12 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) announced today that it has entered into an agreement granting exclusive rights to Ranexa(R) (ranolazine prolonged release tablets) in Europe and other countries to the Menarini Group. Menarini, with its significant pan-European presence, makes the most physician calls for cardiovascular products and has the fourth largest pharmaceutical sales team for delivering medical information to physicians in Europe.

In total, the agreement grants rights to Menarini for Ranexa in 68 countries, including the 27 countries of the European Union (EU), the Commonwealth of Independent States, and select countries of Central and South America.

In the agreement, Menarini has committed to make an upfront payment of $70 million in consideration of the rights granted and in recognition of the R&D investments made by CV Therapeutics. In addition, Menarini will potentially make additional payments and investments totaling up to $315 million (based on the current currency exchange rate) for commercial and development milestones and promotional and detailing commitments. The commercial milestones are primarily linked to sales levels and the development milestones are linked to approval of Ranexa in Europe for certain additional indications that are jointly developed. The agreement provides mechanisms for the parties to collaborate and share the costs of joint development of Ranexa.

Menarini will be responsible for commercial activities and pursuing regulatory and pricing approvals. As part of the agreement, Menarini has com
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