Tuesday, June 25, 2024
Navamedic ASA and Orion Corporation ("Orion") have signed an exclusive license and supply agreement for Flexilev® and its OraFID® dispenser in most of Europe, excluding Sweden, Norway, Denmark, and Iceland, where Navamedic will manage sales and marketing. Flexilev, an innovative prescription treatment for Parkinson's disease, became part of Navamedic's product portfolio after the acquisition of Sensidose AB in May 2023.
According to the agreement, Orion will have sole rights to market, distribute, and sell Flexilev® in 27 European countries, including major markets such as Germany, France, Italy, Spain, and the UK. Orion will act as the marketing authorization holder in these territories and assume all related responsibilities. Navamedic, on the other hand, will handle the manufacturing and supply of Flexilev with the OraFID dispenser to Orion.
"This agreement with Orion to commercialize Flexilev in Europe is a significant milestone in our strategy for this product. Since acquiring Flexilev last year, we have identified substantial growth opportunities, particularly in securing a European agreement given our existing sales presence in Scandinavia and marketing authorizations across several other countries. Orion's extensive experience in neurology and their established track record in Parkinson's disease treatment in Europe make them a strong commercial partner aligned with Navamedic's ambitions for Flexilev," said Kathrine Gamborg Andreassen, CEO of Navamedic ASA.
"This agreement allows Orion to expand our Parkinson's Disease portfolio and provide treatment options for appropriate advanced-stage patients across Europe," added Hao Pan, SVP of Branded Products at Orion.
The financial terms of the agreement include a non-refundable upfront payment of 2 million EUR to Navamedic upon signing. Additionally, Navamedic may receive milestone payments up to 3.5 million EUR upon reimbursement approval in key countries, along with royalties based on net revenue and sales milestones.
Flexilev® was developed by Sensidose AB as a prescription treatment for advanced Parkinson's disease. It combines two active ingredients, levodopa and carbidopa, delivered through the OraFID device, ensuring patients receive personalized treatment with precise dosing at the correct times.
Source: prnewswire.com
