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QRxPharma Announces Strategic Partnership with Actavis
Date:12/20/2011

SYDNEY and BEDMINSTER, N.J., Dec. 20, 2011 /PRNewswire/ -- QRxPharma Limited (ASX: QRX and OTCQX: QRXPY) announced today execution of a binding Letter of Intent (LOI) with Actavis Inc. for the formation of a strategic partnership to commercialise MoxDuo IR in the U.S. acute pain marketplace.

MoxDuo IR is a patented 3:2 ratio fixed dose combination of morphine and oxycodone.  Actavis Inc. is a subsidiary of Actavis Group, hf a privately held company based in Europe with 10,000 employees and annual global sales in excess of EUR 1.8 billion. Actavis Group is the world's fourth largest generic pharmaceutical company with a growing franchise in branded products. 

The launch of MoxDuo IR in the U.S. is projected to occur in 3Q CY2012, and pre-launch preparations will begin immediately. 

Strategic partnership highlights include:  

  1. Actavis will receive exclusive rights to commercialise and further develop MoxDuo IR for the U.S. market while assuming all costs for product launch as well as ongoing marketing and sales efforts in the U.S. 
  2. Commencing at MoxDuo IR launch, Actavis will pay QRxPharma royalties of 10% up to 30% depending on net sales thresholds, except for a period starting 3-6 months following launch where QRxPharma will receive a 50% royalty on US$150 million in cumulative sales.
  3. QRxPharma retains a co-promotion/profit-share right, whereby QRxPharma can create its own sales force and provide up to 25% of the effective selling effort to U.S .prescribers at any time following the first 12 months after product launch.
  4. QRxPharma retains full flexibility to market MoxDuo IR outside the U.S.
  5. The binding LOI has been secured by the payment of a non-refundable upfront signing fee of US$6 million to QRxPharma.

The parties expect to execute a more detailed agreement by 15 March 2012.

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SOURCE QRxPharma
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