OSLO, Norway, Dec. 13, 2023 /PRNewswire/ -- Navamedic ASA and Orion Corporation ("Orion") have today signed a non-binding term sheet for a licensing- and supply agreement for Flexilev®, including the Orafid dispenser, across Europe, not including Sweden, Norway, Denmark, and Iceland, where Navamedic will market and sell the product. Flexilev® is a novel prescription treatment for Parkinson's disease and was added to Navamedic's product portfolio following the acquisition of Sensidose AB in May 2023.
Orion and Navamedic have agreed to enter into a final agreement by the end of the first quarter of 2024.
"The intended agreement with Orion to market and sell Flexilev® in Europe represents a major milestone as part of the commercialization strategy for Flexilev®. Since acquiring the product earlier this year, we have identified several significant growth opportunities for Flexilev®, and this potential agreement is one that can expand Navamedic's geographical reach outside of our core market in the Nordics. Orion has long-standing experience in the field of neurological diseases and has paved the way for Parkinson's disease treatment in Europe, making it a strong commercial partner that matches Navamedic's ambition for Flexilev®," says Kathrine Gamborg Andreassen, CEO of Navamedic ASA.
Through the intended agreement, Orion will be granted the exclusive right to market, distribute and sell Flexilev® in 27 countries in Europe, including the "big five": Germany, France, Italy, Spain and the UK. Orion will be the marketing authorization (MA) holder in their territory and assume all rights and responsibilities as the MA holder. Furthermore, Orion will be granted the right to use Navamedic's trademarks for the product.
The intended licensing agreement will consist of a non-refundable upfront payment of 2mEUR to Navamedic, upon signature of the agreement. Additionally, Navamedic is entitled to milestone payments of up to 3.5 mEUR upon reimbursement approval in key countries, as well as royalties, and sales milestone payments. Any potential future sales-based revenues to Navamedic will be dependent upon the sales of Flexilev®.
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
About Navamedic
Navamedic ASA is a full-service provider of high-quality healthcare products to hospitals and pharmacies. Navamedic meets the specific medical needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit Navamedic.com.
About Flexilev®
Flexilev® was developed by Sensidose AB and is prescription treatment for advanced Parkinson's diases. It contains two active substances, levodopa and karbidopa, and is administered as micro tables through Orafid, a tablet delivery device. With the combination of Flexilev and Orafid, patients receive individualized treatment and are provided with the correct dose at the correct time.
About Orion Corporation
Orion is a globally operating Finnish pharmaceutical company - a builder of well-being. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and self-care products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2022 amounted to EUR 1,341 million and the company had about 3,500 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
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