LA JOLLA, Calif., Dec. 19, 2018 (GLOBE NEWSWIRE) -- Nalpropion Pharmaceuticals, Inc. (Nalpropion) today announced that its wholly owned subsidiary, Orexigen Therapeutics Ireland Limited (OTIL), and iNova Pharmaceuticals (Singapore) Pte. Limited (iNova) have entered into an agreement to provide iNova with exclusive, long-term rights to commercialize Contrave® (naltrexone HCl / bupropion HCl extended release) in a number of countries in Southeast Asia, Africa and the Pacific, in addition to the existing markets of Australia, New Zealand and South Africa. Per terms of this transaction, OTIL will receive cash consideration of $23 million upon closing and supply product to iNova at an agreed-upon transfer price.
The terms of this agreement replace the existing distribution agreements that OTIL had in place with iNova for commercialization rights in Australia, New Zealand and South Africa. iNova will continue to be responsible for obtaining regulatory approvals and for all commercialization activities within the expanded territory.
"We are pleased to continue to work with iNova to make Contrave available in the countries and territories outlined in the new agreement. Treatment options for patients struggling to lose weight are currently limited in these countries and we commend iNova’s efforts to bring awareness, as well as a treatment option, to patients in these markets,” said John Sedor, Chief Executive Officer of Nalpropion. "Our commercial strategy outside the United States is to continue to realize the global value of Contrave/Mysimba through partnerships and collaborations with strong local and regional pharmaceutical companies, such as iNova."
About NALPROPION PHARMACEUTICALS
Nalpropion Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on the treatment of obesity. Its product, Contrave® (naltrexone HCl and bupropion HCl extended release), was approved in the United States in September 2014 and has been the most prescribed branded obesity medication in the United States since June 2015. In Europe, the drug has been approved under the brand name Mysimba® (naltrexone HCl / bupropion HCl prolonged release). Nalpropion continues to undertake a range of development and commercialization activities, both on its own and with strategic partners, to bring Contrave / Mysimba to patients around the world. Further information about Nalpropion can be found at www.nalpropion.com.
About CONTRAVE® / MYSIMBA™
The full prescribing information for Contrave® / Mysimba™ can be found at https://contrave.com and www.nalpropion.com/mysimba.
Contacts:
Carl Balouzian
Nalpropion Pharmaceuticals, Inc.
+1- 973-532-5997
SOURCE: Nalpropion Pharmaceuticals