Anaesthetic patch deal for America
A subsidiary of a Craigavon pharmaceutical company has bought the rights to market and sell and anaesthetic product throughout the United States.
Galen, which is part of Almac Group, has signed a product agreement with US firm Nuvo Research to distribute Synera, a local anaesthetic patch across the country.
Galen has made an upfront payment to Nuvo Research of $4.5m (£3m).
Nuvo will receive royalties of 10% of net sales and is eligible to receive a $5m (£3.3m) milestone payment upon gross annual sales reaching $25m (£16.5m) and a further $5m (£3.3m) upon gross annual sales reaching $50m (£33m).
"We are delighted that we are now able to supply Synera in the United States to reduce pain for patients needing venous access and dermatological procedures," Galen's US general manager Andrew Shales said.
"DaunoXome marked our first step into the United States last year, and now Synera provides us with the opportunity in the United States to address an important need of providing local pain relief to the skin.
"Hospitalised patients are routinely subjected to multiple needle-related procedures such as intravenous (IV) infusions and blood draws and will benefit from this patch."
Around 150 Galen staff are based on the Craigavon site, providing specialist support for research and development, as well as manufacture and distribution of medical products.
The Northern Ireland firm's products are now available in 16 countries and the company continues to work to expand its global reach through international strategic partnerships.