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Swedish pharmaceuticals company Meda AB acquires world-wide rights to Onsolis.

NORDIC BUSINESS REPORT-5 January 2009-Swedish pharmaceuticals company Meda AB acquires world-wide rights to Onsolis(C)1994-2009 M2 COMMUNICATIONS LTD

Swedish pharmaceuticals company Meda AB (OMX Stockholm:MEDA) said on Monday (5 January) that it has acquired world-wide rights to the cancer pain treatment Onsolis from BioDelivery Sciences International.

Meda already holds exclusive rights to Onsolis in the US, the EU, Canada and Mexico, but the new agreement expands the initial contract to also cover markets such as Russia, Japan, South East Asia and Australia.

Onsolis, currently in the registration phase, is a drug developed for treatment of breakthrough cancer pain in opioid tolerant patients.

"With Onsolis, we strengthen our pain product portfolio on several important markets. The product is unique, patented and fills an important medical need," said Anders Lonner, CEO of Meda.

Under the agreement, Meda will pay BioDelivery Sciences an advance payment of USD3m on a USD30m milestone payment due when the drug receives final FDA approval.

Meda, headquartered in Solna, Sweden, is a speciality pharma company focusing on marketing and market-adapted product development. The company has over 1,500 employees and its products are sold in some 120 markets worldwide. Meda reported sales of over SEK5bn in the first half of 2008.

One British pound (GBP) is worth approximately 1.45 US dollars (USD). One British pound (GBP) is worth approximately 11.33 Swedish kronor (SEK).

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Publication:Nordic Business Report
Date:Jan 5, 2009
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