Endo Pharmaceuticals has handed out a $10 million upfront payment for the U.S. licensing rights to ProStrakan's testosterone replacement therapy Fortesta. The UK's ProStrakan also stands to gain $200 million more in milestones--including $40 million that will be up for grabs by the end of 2010--in exchange for U.S. marketing rights.
ProStrakan already sells the therapy in Europe and has a marketing deal with Bayer Schering covering 147 countries. The FDA is currently reviewing its NDA for Fortesta. For Endo, the pact marks another step along the path to diversifying beyond pain therapies into urology and endocrinology.
"Being in a position to potentially offer this treatment, alongside our new long-acting injectable testosterone product, will help fill an important gap in testosterone replacement," said David Holveck, president and chief executive officer of Endo Pharmaceuticals. "This treatment option is synergistic with our recent therapeutic expansion and strengthens our portfolio in urology and endocrinology."
- check out the Endo release
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ALSO: Endo Pharmaceuticals also announced the commencement of a cash tender offer by its wholly-owned subsidiary, Endo Pharmaceuticals Solutions, for any and all outstanding Ledgemont PhaRMA secured 16 percent notes due 2024. Release