Santarus, Shore Therapeutics sales and marketing update

Shore granted Santarus exclusive rights to commercialize 40 and 120 mg Fenoglide fenofibrate in the U.S. Santarus will pay $11 million up front. Beginning in 2013, Shore is eligible for 5% royalty on sales up to $10 million, 20% royalty on sales between $10-$20 million, and 25% royalty on sales over $20 million. Shore is also eligible to receive up to $5 million in milestones.

Veloxis Pharmaceuticals A/S (CSE:VELO, Horsholm, Denmark) (formerly LifeCycle Pharma A/S) granted North American rights to Fenoglide to Shionogi Inc., a subsidiary of Shionogi & Co. Ltd. (Tokyo:4507; Osaka:4507, Osaka, Japan), under a 2007 deal. Cowen Healthcare Royalty Partners L.P. (Stamford, Conn.) has North American royalty rights to Fenoglide under a 2008 deal with Veloxis. In 2010, Shionogi terminated the 2007 deal and transferred North American Fenoglide rights to Cowen, which were then transferred to Shore. Cowen established Shore to commercialize Fenoglide in 2010 (see BioCentury, Sept. 6, 2010). ...