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MediGene sells European Oracea rights to Galderma
MARTINSRIED, GermanyŚMediGene AG announced last month it sold the European rights of the dermatological product Oracea for the treatment of rosacea to Galderma Laboratories Inc., the U.S. holding company of Galderma Pharma S.A., a global specialty pharmaceutical company focused on dermatology.
Under the terms of the deal, MediGene will receive successive milestone payments totalling up to 32 million Euros, including an immediate payment from Galderma of 8 million Euros. Previously, MediGene had acquired the European rights to the drug from the U.S. company CollaGenex Inc. in 2006. Depending on market launch and sales revenues achieved by Galderma with Oracea, MediGene will receive successive milestone payments totaling up to 24 million Euros. The sale of the rights to Galderma represents a major step in the implementation of MediGene's strategy of focusing on the areas of oncology and immunology.
"The sale of the dermatological product Oracea is a very important step towards focusing our company," says Dr. Frank Mathias, COO of MediGene. "We achieve a significantly higher price for this product than what was paid when acquiring it. The sales revenues achieved with Oracea will help us pushing our promising development projects."
MediGene made the strategic switch to focusing on oncology and immunology on the basis of convincing clinical data with EndoTAG(TM)-1 for the treatment of pancreatic cancer. Going forward, the company will focus research and development activities, as well as the planned sales and marketing activities of the company on these two therapeutic areas.
For dermatology specialist Galderma, Oracea joins a long list of dermatology brands the company markets, including Differin, MetroGel/Rozex, Clobex, Tri-Luma, Loceryl and Cetaphil. Oracea is the first orally administered, systemically delivered drug that has received approval from the U.S. FDA for the treatment of the inflammatory lesions (pimples and red bumps) of rosacea in adult patients.
Recently launched products include Pliaglis, a topical anesthetic for dermatologic procedures in the United States; Epiduo, an innovative combination product for the treatment of acne in Europe and Argentina; and Dysport, an injectable muscle relaxant for use in aesthetic medicine and dermatological indications in Brazil and Argentina. DDN