Major licensing deal for Europe
29 June 2015
ASX ANNOUNCEMENT
Major licensing deal for Europe
Medical Developments International Limited (ASX: MVP) is delighted to announce it has agreed to a Term Sheet and will now move to contract with a significant pharmaceutical company having expertise in pain management products to distribute Penthrox? within the 28 member states of the European Union, except for the UK, Ireland, and Hungary where MDI has existing distribution agreements, and within other European countries.
The potential transaction calls for upfront and milestone payments of USD $54.5 million including:
- USD $7.0 million upon signing; and
- USD $3.0 million upon receiving Marketing Authorisation approvals in France (expected very shortly) and Belgium (already received); and
- USD $7.0 million upon receiving reimbursement in Germany, Italy, Spain and France; and
- the remaining USD$37.5 million relates to sales milestones potentially earnt over the term of the deal.
Additionally MVP will receive a gross margin on product sold to our partner, and royalties based on net sales.
For further information please click on the following link?Major Licensing Deal for Europe