OSLO, Norway, March 31, 2020 /PRNewswire/ -- Navamedic ASA (OSE: NAVA), today announces it has entered into an exclusive distribution agreement with Angelini Pharma for ThermaCare in the Nordics and the strategically important Dutch market. With the agreement, Navamedic strengthens its position in the Consumer Health segment and enters the important pain category.
"We are pleased to announce the agreement with Angelini Pharma for ThermaCare, expanding our portfolio of high-quality products to the benefit of our customers in the Nordics and Netherlands, underpinning the value of our insights, local expertise and multi-channel marketing approach," says Kathrine Gamborg Andreassen, CEO of Navamedic, and continues:
"Navamedic is driving growth in the Specialty Pharma, Medical Nutrition, and Consumer Health segments, and this agreement strengthens our position in Consumer Health where we see a great potential in developing products in important categories such as pain treatment. The agreement also contributes to building our position in the Netherlands, which is an important part of our growth strategy."
"The acquisition of ThermaCare is aligned with the ambition of Angelini Pharma to strengthen our leadership in Consumer Health and to further grow in Europe thanks to this distinctive brand. To unleash this ambition, we need the right partners and I trust that Navamedic will boost the expansion of the ThermaCare brand in the north of Europe," commented Pierluigi Antonelli, CEO at Angelini Pharma.
ThermaCare, launched by Procter & Gamble in 2001, is an advanced pain therapy for back, neck and muscles, classified as a Medical Device class IIa. The therapy is applied as heat wraps which is activated upon contact with air and placed on pain points, exactly where the user needs it. ThermaCare delivers up to 16 hours of pain relief, 8 hours while used and 8 hours after it has been taken off. The larger adhesive area makes it easy to re-adjust, and the single-use wraps are thin enough to be worn discreetly under clothing. Angelina Pharma, that belongs to Italian Angelini Group, acquired the ThermaCare global business rights (excluding North America) from GSK earlier this year. According to the exclusive distribution agreement now entered into with Angelina Pharma, Navamedic will take over and accelerate marketing, sales and distribution of ThermaCare in the Nordics and Netherlands from July 2020. The agreement has a duration of eight years, with options to extend.
About Angelini Pharma
Angelini is committed to give hope to patients in the areas of CNS (included pain), Rare Diseases and Consumer Health. Angelini Pharma is an "integrated pharmaceutical company" with extensive R&D programs, world-class manufacturing and marketing of both active ingredients and branded drugs. For further information please visit www.angelinipharma.com
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47-951-78-680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
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