OSLO,
Norway, June 24, 2024 /PRNewswire/ -- Navamedic
ASA and Orion Corporation ("Orion") have today signed a license and
supply agreement for Flexilev®, including the OraFID® dispenser,
across Europe, not including
Sweden, Norway, Denmark, and Iceland, where Navamedic will market and sell
the product. Flexilev is a novel prescription treatment for
Parkinson's disease and was added to Navamedic's product portfolio
following the acquisition of Sensidose AB in May 2023.
Through the signed agreement, Orion has been granted the
exclusive right to market, distribute, and sell Flexilev® in 27
countries in Europe, including the
"big five": Germany, France, Italy, Spain
and the UK. Orion will be the marketing authorization (MA) holder
in their territory and assume all rights and responsibilities as
the MA holder. Navamedic will be responsible for manufacturing and
supply of Flexilev in the OraFID dispenser to Orion.
"The agreement with Orion to market and sell Flexilev in
Europe represents a major
milestone as part of the commercialization strategy for Flexilev.
Since acquiring the product last year, we have identified several
significant growth opportunities for Flexilev, with focus on
signing an agreement for Europe
where we already have sales in our home turf Scandinavia and
marketing authorizations in several other countries. Orion has
long-standing experience in the field of neurological diseases and
has paved the way for Parkinson's disease treatment in Europe, making it a strong commercial partner
that matches Navamedic's ambition for Flexilev," says Kathrine Gamborg Andreassen, CEO of Navamedic
ASA.
"This agreement will enable Orion to broaden our Parkingson's
Disease portfolio and extend treatment offering to suitable
advanced stage patients in Europe", says Hao Pan, SVP of Branded
Products, Orion.
The agreement consists of a non-refundable upfront payment of
2mEUR to Navamedic, upon signature of the agreement. Additionally,
Navamedic is entitled to milestone payments of up to 3.5 mEUR upon
reimbursement approval in key countries, as well as royalty from
net revenue and sales milestone payments.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
About Navamedic
Navamedic is a Nordic pharmaceutical company dedicated to
enhancing people's quality of life by being a reliable supplier of
high-quality prescription, consumer health, and hospital products
to hospitals and pharmacies. Our growing product portfolio has been
carefully selected to meet consumer needs and current public health
concerns, such as obesity, Parkinson's disease, and gastro-related
ailments, to empower people to live healthier and more fulfilling
lives. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock
Exchange (ticker: NAVA). For more information, please visit
Navamedic.com.
About Flexilev®
Flexilev® was developed by Sensidose AB and is prescription
treatment for advanced Parkinson's diases. It contains two active
substances, levodopa and karbidopa, and is administered as micro
tables through Orafid, a tablet delivery device. With the
combination of Flexilev and Orafid, patients receive individualized
treatment and are provided with the correct dose at the correct
time.
About Orion Corporation
Orion is a globally operating Finnish pharmaceutical company – a
builder of well-being. We develop, manufacture and market human and
veterinary pharmaceuticals and active pharmaceutical ingredients.
Orion has an extensive portfolio of proprietary and generic
medicines and consumer health products. The core therapy areas of
our pharmaceutical R&D are oncology and pain. Proprietary
products developed by Orion are used to treat cancer, neurological
diseases and respiratory diseases, among others. Orion's net sales
in 2023 amounted to EUR 1,190 million and the company had
about 3,600 employees at the end of the year. Orion's A and B
shares are listed on Nasdaq Helsinki.
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