Furiex Pharmaceuticals, Inc. FURX, a drug development collaboration
company, today announced it will receive a $5.0 million milestone payment from
the Menarini Group for the launch of Priligy in France. Currently, Priligy is
marketed for on-demand treatment of premature ejaculation in 16 countries in
Europe, Asia and Latin America, and is approved for that indication in 56
countries worldwide.
In May 2012, Furiex entered into a license agreement with Menarini to
commercialize Priligy in Europe, most of Asia, Africa, Latin America and the
Middle East. Under the terms of the License Agreement, Furiex is eligible to
receive an additional $5.0 million launch milestone and up to $40.0 million in
sales-based milestones, plus tiered royalties ranging from the mid-teens to
mid-twenties in percentage terms.
"This launch will make Priligy, the only approved medication for premature
ejaculation, available to a wider market in the EU,” said June Almenoff, M.D.,
Ph.D., president and chief medical officer of Furiex. "We look forward to
additional worldwide Priligy launches as Menarini continues to build this
franchise."
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