BioCentury
ARTICLE | Company News

Pharmavital, Sinclair IS Pharma deal

February 3, 2014 8:00 AM UTC

Sinclair acquired Pharmavital's Obvieline Laboratories S.A. subsidiary and said it will acquire distribution rights to Obvieline's Perfectha dermal fillers in Brazil and Russia from Pharmavital. Sinclair said the deal is valued at up to €32.2 million ($44.1 million) in cash. The deal includes an upfront payment of €10 million ($13.7 million); a balancing payment based on finalized audited 2013 revenues of Obvieline; a payment of twice the 2013 sales of Perfectha in Brazil and Russia; a milestone payment of €6.5 million ($8.9 million) upon EU approval of the Perfectha lidocaine anesthetic range; and a milestone payment of €2 million ($2.7 million) once sales of Perfectha exceed €17 million ($23.3 million) in any 12-month period from Jan. 6. The acquisition of rights is expected to close within six months. Sinclair expects to launch a pre-mixed lidocaine anesthetic product in late 2014 and a new product for gynecological indications in 2H14 or 2015. The Perfectha brand includes five gel products that reduce facial folds, lines and wrinkles. The companies could not be reached for details. ...