Galen expands further into US with significant acquisition

Thursday, 11 July 2013

11th July 2013 | Galen Ltd, the Craigavon-based pharmaceutical company that is part of Almac Group, has reached a significant deal with a US company to acquire the rights to a leading medicinal product.

Galen US, Inc., a wholly owned subsidiary of Galen Ltd, has entered into a product acquisition and license agreement with Nuvo Research Inc. for Galen to acquire the exclusive rights to market and sell Synera® - a local anaesthetic patch - throughout the United States.

Synera® is a prescription patch that combines the local anaesthetics lidocaine and tetracaine, along with heat technology to reduce pain associated with needle insertion and dermatological procedures.

Under the terms of the agreement, Galen has made an upfront payment to Nuvo of US$4.5 million. Nuvo will receive royalties of 10% of net sales and is eligible to receive a US$5 million milestone payment upon gross annual sales reaching US$25 million and a further US$5 million upon gross annual sales reaching US$50 million.

In 2011, Galen acquired the chemotherapy agent, DaunoXome® (daunorubicin citrate liposome injection) from Gilead Sciences, Inc. and is marketing DaunoXome® in the US.

Galen’s US General Manager, Andrew Shales, said: "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.

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."

ABOUT GALEN

Galen is a privately owned, global pharmaceutical company headquartered in Craigavon. It has expertise in marketing a broad range of therapies including those in the oncology, constipation, urology, and cardio-vascular areas. Until recently Galen promoted branded and generic prescription medicines in the United Kingdom and Ireland.

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.

Its products are now available in 16 countries and the company continues to work to expand its global reach through international strategic partnerships.

Its products are now available in 16 countries and the company continues to work to expand its global reach through international strategic partnerships.

For further information about Synera®, please contact Galen on +44 (0)28 3833 4974 or customer.services@galen.co.uk..

For further information please contact:

Chris HarrisonTel: +44 (0)28 90760066Email: Chris.Harrison@jprni.com

More News