In addition to upfront and milestone payments and potential development expense reimbursement, CV Therapeutics is entitled to receive royalties on sales of Ranexa in the territories covered by the agreement. Under the terms of the agreement, Menarini is expected to launch Ranexa in Germany and the UK in the first quarter of 2009 with commercial launch in the other licensed territories expected following formal pricing and reimbursement authorizations in those countries.
"Menarini is a successful and growing organization which leads the European pharmaceutical industry in physician detailing and cardiovascular experience. Their proven ability to launch and promote cardiovascular products suggests they are exceptionally well positioned to launch Ranexa to both specialists and primary care physicians," said Louis G. Lange, chairman and chief executive officer of CV Therapeutics.
In the past decade, Menarini has expanded its presence in the European Union and the other licensed territories, growing revenues more than 150 percent to euro 2.5 billion in 2007.
Global pharmaceutical companies such as AstraZeneca, Bristol Meyers Squibb, Daiichi Sankyo, Eli Lilly, Glaxo Smith Kline, Johnson & Johnson, Merck, Novartis, and Pfizer have selected Menarini to sell some of their most important brands in Europe, including atorvastatin (Lipitor(R)), sitagliptin (Januvia(R)), esomeprazole (Nexium(R)), fluticasone/salmeterol (Advair(R)), nebivolol (Nebilet(R)) and olmesartan (Benicar(R)).
"Ranexa represents an important first in class product which we believe will help meet the substantial unmet needs of patients across Europe, Central America and South America," said Alberto Aleotti, chairman and chief executive officer of Menarini.
Ranexa(R) (ranolazine prolonged release tablets) is approved for use in
Europe as add-on the
|SOURCE CV Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved