Kamada (KMDA), Shire (SHPG) Extend GLASSIA Supply and Distribution Agreement
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Kamada Ltd. (Nasdaq: KMDA) announced the extension of the strategic partnership with Shire plc (Nasdaq: SHPG) for GLASSIA. Minimum revenue for GLASSIA in the extended agreement for the years 2017 to 2020 will reach approximately $237 million and may be expanded to $288 million during that period. Kamada will now continue to produce GLASSIA through 2020 for Shire, after which Shire may produce the product at their facility and pay Kamada established royalty rates. This represents the fourth time the companies have extended the contract for manufacturing supply of GLASSIA since the start of the strategic relationship in 2010.
“The extension of our strategic partnership agreement with Shire is a testament to the growing market share and increasing demand for GLASSIA in the U.S., and to the strong strategic relationship between Kamada and Shire,” said Amir London, Kamada’s Chief Executive Officer. “This minimum commitment by Shire further strengthens our confidence in achieving the expected $100 million revenue target in 2017 and represents further growth in the following years. We have the capacity to support this increasing demand for GLASSIA and appreciate the trust of Shire in our capabilities, which are demonstrated in our supply agreement, as well as our co-development projects for IV-AAT for additional indications, including Graft-versus-Host Disease and lung transplant."
Approved in 2010, GLASSIA is the first and only liquid ready-to-use augmentation product approved for the treatment of clinically evident emphysema due to severe AAT deficiency. Kamada and Shire (Baxter at the time) entered into an exclusive strategic cooperation agreement for the distribution and license of GLASSIA in 2010. Under the terms of the agreement, Shire is the exclusive distributor of GLASSIA in the U.S., Canada, Australia and New Zealand, and is licensed to produce GLASSIA using Kamada’s technology at a Shire facility for sales in those countries.
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