With an in-licensing agreement with the US-based Indevus Pharmaceuticals, Inc., Orion Corporation has received European-wide marketing rights for Vantas® (histrelin) for the treatment of advanced prostate cancer. Histrelin, the active ingredient in Vantas, is a luteinizing hormone-releasing hormone (LHRH) agonist administered via a 12-month implant utilising Indevus patented polymer technology. Vantas was launched in the USA in November 2004. It was approved in Denmark in 2005 and in the UK in 2007. A Mutual Recognition Procedure for European approvals is currently under way in several countries, based on the marketing authorisation granted by Denmark.
Orion will pay Indevus an up-front payment of USD 7 million. Later payments, the total of which can be up to USD 14 million, are conditional and related to marketing approvals and sales thresholds. The implants will be manufactured by Indevus.
The product considerably strengthens Orion's portfolio of urological and oncological products. The European launch schedules will be dependent on the granting of the approvals and national reimbursement decisions.
Dr. Liisa Hurme, SVP heading the Proprietary Products business of Orion, is happy to comment on the licensing agreement which is well in line with the goals of Orion's Europe-oriented strategy:
- Orion is proud to be able to introduce new treatment approaches for prostate cancer patients. Also most importantly, the rights will allow us to launch the new product European-wide.
Indevus Pharmaceuticals, Inc. has published a press release on the agreement late yesterday evening Finnish time. The release is available on the homepage www.indevus.com.
Contact persons at Orion:
Dr. Liisa Hurme, SVP, Proprietary Products, phone +358 50 966 2874
Pekka Kaivola, SVP, Global Sales, phone +358 50 966 3618
Publisher:
Orion Corporation
Orionintie 1A
02200 Espoo, Finland
Orion is a European pharmaceutical and diagnostics company which emphasises the development of innovative medicinal treatments and diagnostic tests for global markets. Orion develops, manufactures and markets pharmaceuticals for humans and animals, active pharmaceutical ingredients as well as diagnostic tests. Orion's clientele consists mainly of healthcare service providers and professionals. The Group's net sales in 2007 were EUR 683.6 million and in the end of 2007 there were about 3,170 employees working for the Group. Orion's stocks are listed on the OMX Nordic Exchange Helsinki.