Buying back a heart treatment
Espoo – Finnish pharmaceutical and diagnostics company OrionA/S has agreed to pay Abbott US$18m to re-acquire the rights to the intravenous formulation of its heart failure treatment levosimendan, which is marketed as Simdax.
Following the deal, Orion will hold the rights to Simdax in all regions outside of Latin America, where Abbott will retain the marketing rights for the product. Abbott is also to receive a 30% annual royalty from Orion between 2009-2013, as well as a US$15m milestone payment if the cumulative net sales of the product reach US$12.5m after the transaction has closed.
Orion never relinquished the rights to Simdax in Scandinavia and Iceland, but once the deal closes, it will begin marketing the drug in the rest of Europe as well. Simdax’s global sales were around US$40m last year.