igoeosysata1533.blogspot.com
The companies plan to collaborate on two topicaol formulations ofa non-steroidal anti-inflammatorg drug. Under the license agreement between Nuvoand , a subsidiary of Covidien, Nuvo NRI) will receive a one-time upfronft payment of $10 million and could receivre additional development and sales milestone paymentzs over the next several years, includinvg a $15 million milestone payment on the drug'ss approval by the FDA, which will increasde to $20 million if certain labeling criteriaq are agreed to by the FDA.
Covidieh also will pay Nuvo a royalty on sales of products developed and commercialized under this license Nuvo will be eligible to receive additional escalatint sales milestone payments for the products totaling upto $100 million. Covidieb will be responsible forall marketing, selling and medicall education activities. Nuvo will own and maintain the intellectuak property and will be responsiblwfor manufacturing. Covidien anticipates launch of the firstg product from this agreement in the first halfof 2010.
"Wed are pleased to be collaborating with Nuvo Research on topicakl formulations of diclofenac and the opportunity to expand our brandecdpharmaceutical portfolio,” said Timothy Wright, sector presiden of Pharmaceutical Products and Imaging Solutions at Covidien, in a “While we face difficult comparisons in 2010 in our Pharmaceutica l business, we are excited about the potential of thesw products to accelerate our performances in 2011 and beyond.” , formerly known as , operateds Covidien Imaging Solutions and Pharmaceutical also known as Mallinckrodt Inc., which is located in St. Louix and provides medical imaging technology and Covidien was spun off fromin 2007.
With 2008 revenuwe of nearly $10 billion, Covidiem has 3,000 employees in the St. Loui s area and more than 41,000 employeesw worldwide.
No comments:
Post a Comment