-Meda to receive USD6m milestone as USA clears anti-epileptic drug.
M2 EQUITYBITES-June 13, 2011--Meda to receive USD6m milestone as USA clears anti-epileptic drug(C)2011 M2 COMMUNICATIONS http://www.m2.com
13 June 2011 - Swedish pharma company Meda AB (STO: MEDA A) said today its anti-epileptic drug candidate Potiga (ezogabine) received regulatory approval in the USA, triggering a milestone payment of USD6m.
Potiga is indicated as add-on treatment of partial onset epilepsy seizures in adults above 18 years of age. According to the Swedish company, ezogabine is the first approved potassium channel opener for this indication.
Meda's partner for the drug is Canada-based Valeant Pharmaceuticals Intl Inc (TSE: VRX), which has a global commercialisation agreement with UK-based GlaxoSmithKline plc (LON: GSK). The Swedish company is entitled to 7% royalties on the product's sales in the USA and to other milestone payments related to future development.
Valeant expects that Potiga will be available on the US market by the end of the year.
Trobalt (retigabine), as the drug is known outside the USA, was granted marketing approval in the European Union (EU) in March. The product has been launched in Germany, the UK, Switzerland and Denmark. Meda is entitled to royalties of 6-8% on sales in Europe.
(EUR1 = USD1.4)
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