Cumberland Pharma (CPIX) to Acquire Injectable Methotrexate Assets from Nordic Group
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Cumberland Pharmaceuticals (Nasdaq: CPIX) has entered into an Agreement to acquire the exclusive U.S. rights to Nordic Group B.V.'s innovative injectable methotrexate product line. The products are designed for the treatment of active rheumatoid arthritis, juvenile idiopathic arthritis, severe psoriatic arthritis, and severe disabling psoriasis. The product line is approved for patient use in various European countries. Cumberland will register and commercialize the methotrexate products in the United States.
Under the terms of the Agreement, Cumberland will be responsible for the products' FDA submission and registration. The regulatory submission, expected to occur during the first half of 2017, will be based on the dossier provided by Nordic. Following registration, Cumberland will be responsible for product launch and commercialization, including all marketing, promotion, and distribution of the products in the U.S. Cumberland projects building to $40 million in annual sales over time for the product line. As consideration for the license, Cumberland will provide Nordic a series of payments tied to the products' FDA approval and achievement of certain sales milestones. Nordic will be responsible for manufacture and will receive a transfer price on supplies of the products.
Nordic has successfully developed and registered the product line in Europe. "We have worked to deliver innovative, patient friendly, and cost effective treatments for arthritis patients," said Drs. Hans Schram, Chief Executive Officer of the Nordic Group. "These products have been successfully launched in Europe in 2016 and our agreement with Cumberland, and the upcoming U.S. launch, will be another significant step in their geographic expansion."
"We continue to be very selective in the brands we choose to bring into our portfolio," said A.J. Kazimi, Chief Execute Officer of Cumberland Pharmaceuticals. "We believe that these innovative products from Nordic will be an excellent fit for our field based commercial division and their ongoing support of office based physicians. We look forward to bringing these Nordic products into the U.S. in order to better address the care of arthritis patients here."
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