Forest Laboratories in $75m licence agreement

Forest Laboratories has entered into a licensing agreement with Mylan Laboratories for the commercialisation, development and distribution of the beta-blocker nebivolol.

The agreement that only covers the US and Canada will see Forest making upfront payments of $75 million with royalty and milestone payments also being made.

Forest will take responsibility for all the sales and marketing expenses while Mylan has held on to an option for future co-promotion of the product.

Robert Coury, vice chairman and CEO of Mylan, said: “We view Forest as an ideal partner for nebivolol.

“They meet all of the criteria that we previously described, including impressive expertise in the cardiovascular market, a proven track record in launching major branded products and a commitment to invest in the research and development necessary to maximise the full commercial potential of nebivolol.”

Mylan has received an approvable letter from the US Food and Drug Administration (FDA) on its New Drug Application (NDA) for nebivolol as a hypertension treatment and final approval will come with the meeting of certain requirements laid down by the FDA.

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