Chiroscience and Abbott Laboratories Sign LicensingAgreement for Chirocaine-R-; Abbott to promote Chirocaine-levobupivacaine- for international markets.
CAMBRIDGE, ENGLAND/ABBOTT PARK, Ill.--(BW HealthWire)--June 15, 1999--
Chiroscience Group plc and Abbott Laboratories announced today that the companies have signed a licensing agreement for Chiroscience's long-acting local anaesthetic Chirocaine(R) (levobupivacaine). Under the terms of the agreement, Abbott will have exclusive rights to market Chirocaine, worldwide, excluding the United States and Japan.
Chirocaine is an isomer derivative of the well-established local anaesthetic bupivacaine. Chirocaine was developed by Chiroscience for use in acute pain management following a wide range of surgical procedures, for pain relief during labor and childbirth, and for chronic pain management. Chirocaine can be combined with other commonly used pain medications, including fentanyl, clonidine, and morphine, following major surgery, including abdominal and orthopedic procedures.
Chirocaine has been approved by the regulatory authorities in Sweden and has received an approvable letter from the U.S. FDA. Clinical trials with Chirocaine have been completed in the U.S., Europe, Canada, Australia and New Zealand.
Abbott Laboratories has leading positions in several segments of the hospital market, including perioperative and intensive care products. The company's cornerstone business in this segment is anesthesia. Abbott markets the leading inhalation anaesthetic sevoflurane, along with a broad line of other anaesthetic agents. The global market for local anaesthetic agents is in excess of $500 million per annum.
Under the terms of the agreement, Abbott will pay Chiroscience royalties based on pre-determined sales thresholds for Chirocaine. Chiroscience will benefit from higher royalty rates if the sales of Chirocaine exceed certain targeted levels. Under terms of the agreement Abbott will be responsible for product registration in its territories.
Dr. John Padfield, Chief Executive of Chiroscience Group plc, commented:
"Chirocaine's competitive profile and superior long-acting properties along with Abbott's strong franchise in anesthetics creates an excellent opportunity to maximize sales worldwide. The agreement with Abbott puts in place a key element of the global marketing platform for Chirocaine."
"Abbott is pleased to partner with Chiroscience. Chirocaine provides a key addition to our core anesthetics business and strengthens Abbott's historic leadership in the area of pain management," said Robert L. Parkinson Jr., President and Chief Operating Officer, Abbott Laboratories.
