The News
Orexo signs exclusive worldwide license agreement for a novel formulation
28/08/2009
Uppsala, Sweden, 28 August, 2009 - Orexo (STO: ORX) announces it has signed an exclusive worldwide licensing agreement with a Novartis affiliate to develop and commercialise a novel product related to Orexo’s OX17 program.
Under the terms of the agreement, Novartis will fund all future development of the new product and will receive an exclusive license to all related intellectual property. Orexo will receive milestone payments upon major development achievements, and will be eligible for further milestone payments upon the attainment of certain sales targets. In addition, Orexo will receive royalties on future sales of the product. The agreement’s financial terms were not disclosed.
Torbjörn Bjerke, President and CEO of Orexo, commented “Our development collaboration with Novartis, one of the finest healthcare companies in the world, has been outstanding and I am now very pleased to extend this to a full licensing agreement for the new product. This agreement is potentially an important step towards Orexo becoming a sustainable profitable pharmaceutical company. We are convinced that Novartis will make the new product a success.”
For more information, please contact:
Torbjörn Bjerke, President and CEO, Orexo
Tel: +46 (0) 708-66 19 90
E-mail: torbjorn.bjerke@orexo.com
Johan Andersson, Investor Relations Manager, Orexo
Tel: +46 (o) 702-10 04 51
E-mail: johan.andersson@orexo.com
Notes to Editors
About Orexo
Orexo is a pharmaceutical company focusing on developing treatments for pain and inflammation. The company has four products on the market as well as a competitive product portfolio in late stages of development. Sales and product development are mainly carried out through worldwide partnership agreements with larger pharmaceutical companies. Orexo has 128 employees, and has its head office located in Uppsala, Sweden.
Note:
This is information that Orexo AB (publ) is required to disclose pursuant to the Swedish Securities Markets Act. The information was provided for public release on August 28, 2009 at 08:00 CET.
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