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Orion receives approval to market new drug in the US.

NORDIC BUSINESS REPORT-13 June 2003-Orion receives approval to market new drug in the US(C)1994-2003 M2 COMMUNICATIONS LTD

Finnish pharmaceutical company Orion Corporation said today (13 June) that its subsidiary Orion Pharma had received approval from the US Food and Drug Administration (FDA) for the company's new treatment for Parkinson's disease.

The drug, called Stalevo, would be marketed in the US by the Swiss pharmaceuticals and consumer health company Novartis AG, according to Orion.

The company said that Novartis would make a milestone payment of EUR22m for the US marketing approval and the recently amended marketing agreement.

Orion said that a European marketing application for the product was currently under review by the European Medicinal Evaluation Agency (EMEA).

One euro (EUR) is worth approximately 0.72 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 13, 2003
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