GW Pharmaceuticals and Almirall strengthen strategic Sativex® collaboration
GW Pharmaceuticals plc (AIM: GWP) announces that it has signed an amendment to its Sativex® licence agreement with Almirall S.A. As part of the revised agreement, Almirall has been granted rights to market Sativex® in Mexico and GW will receive a new near term milestone payment of €12 million (£10 million).
Under the terms of the original licence agreement signed in December 2005, Almirall was granted exclusive rights to market Sativex® in Europe (excluding the UK). With Sativex® now approved and launched by Almirall in certain European countries and with further launches planned, GW and Almirall have revisited the financial terms in order to optimise the agreement to best suit the current strategic interests of both companies.
In return for Almirall agreeing to pay to GW a new milestone payment of €12m (£10m) based on a near term cancer pain trial recruitment target, GW has agreed to reduce the Sativex® supply price charged by GW to Almirall over the next few years until the launch of Sativex® in the cancer pain indication in Europe and has agreed to cancel future cancer pain launch milestones of £5.5m. In addition, Almirall has been granted exclusive rights to commercialise Sativex® in Mexico, a country in which Almirall has had an affiliate in place for more than a decade....Read More - http://www.msrc.co.uk/index.cfm/fuseact ... ageid/1814