Orion and Abbott Expand Agreement
Espoo - Finish Orion Corporation, Espoo, and Abbott Laboratories Inc. (USA) have in April expanded their licensing agreement for the injectable formulation of Orion's proprietary drug Levosi-mendan (marketed as Simdax®) for the treatment of acutely decompensated heart failure. Levosimendan, a calcium sensi-tizer, is available in an intravenous formulation and approved in some 30 countries. It is currently in phase III clinical studies in the US and Europe and has been granted fast-track status by the FDA. Abbott will make an upfront payment to Orion of Euro10 million. Orion will receive milestone payments upon meeting specified development and commercial milestones and will receive a percentage of Abbott's net sales of Levosimendan. Further financial terms were not disclosed.
As of April 1 the Finnish corporate name of the company is Orion Oyj. The corporate name in English remains as Orion Corporation.