CV Therapeutics (CVTX) Agrees to Grant Exclusive Rights to Ranexa(R) to Menarini Group
CV Therapeutics, Inc. (Nasdaq: CVTX) announced today that it has entered into an agreement granting exclusive rights to Ranexa(R) in Europe and other countries to the Menarini Group.
In total, the agreement grants rights to Menarini for Ranexa in 68 countries, including the 27 countries of the European Union, 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.
CV Therapeutics, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of small molecule drugs for the treatment of cardiovascular diseases.
Create E-mail AlertRelated Categories
Corporate NewsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
