Medicure, Manchester Securities Corp. deal

MPH sold a percentage of its current and potential future commercial revenues to Manchester, a subsidiary of Elliot Associates LP, for US$25 million up front. Elliot will receive an escalating minimum annual return based on Aggrastat tirofiban revenue that will start at US$2.5 million and will last for 12 years. MPH markets Aggrastat to treat acute coronary syndrome (ACS) in the U.S. MPH acquired the non-peptide glycoprotein GPIIb/IIIa (CD41/CD61) antagonist from MGI Pharma Inc. (MOGN, Bloomington, Minn.) in 2006 (see BioCentury, Aug. 14, 2006). For MPH's fiscal year ended May 31, the company recorded Aggrastat sales of C$5.9 million (US$5.6 million). ...