Apricus Biosciences (APRI) Unit Signs Vitaros Marketing Agreement for Germany

February 15, 2012 12:38 PM EST
Apricus Biosciences, Inc. (Nasdaq: APRI) reports that its wholly-owned subsidiary NexMed(USA), Inc. has signed with Sandoz, a division of Novartis (NYSE: NVS), an exclusive collaboration for Germany to market Apricus Bio's Vitaros® drug for the treatment of erectile dysfunction.

Pursuant to the collaboration, Sandoz will pay Apricus Bio up to €21 million – divided into a fixed upfront payment and specific regulatory and commercial milestones – as well as, double digit royalties on net sales. Total upfront and milestone payments represent approximately $28 million based on today's exchange rate.

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