IntelGenx (OTCQX:IGXT; TSX-V:IGX) and RedHill Biopharma (NASDAQ,:RDHL; TASE:RDHL) have signed an exclusive license agreement with Pharmatronic for the commercialization of Rizaport in South Korea.
Rizaport is a proprietary oral thin film formulation of rizatriptan for the treatment of acute migraines.
Under the accord, RedHill granted Pharmatronic the exclusive rights to register and commercialize Rizaport in South Korea. IntelGenx and RedHill are entitled to receive an upfront payment and will be eligible to receive additional milestone payments on achievement of certain predefined regulatory and commercial targets, as well as tiered royalties.
The initial term of the agreement is for 10 years from the date of first commercial sale and will automatically renew for an additional two-year term. Commercial launch in South Korea is estimated to take place in the first quarter of 2019.
"We are most pleased to be entering the Asian market for the first time with Pharmatronic, a Korean organization committed to customer service excellence," Dr. Horst Zerbe, president and CEO of IntelGenx, said in a statement.
"The execution of two commercialization agreements for Rizaport in less than six months demonstrates our relentless execution of strategy to bring our innovative products to the global market," he added. Rizaport was licensed to Grupo JUSTE SAQF for Spain earlier this year.
Rizaport (five milligrams and 10 mg) previously was granted marketing authorization by the Federal Institute for Drugs and Medical Devices of Germany under the European decentralized procedure, in which Germany served as the reference member state for other EU countries.
IntelGenx and RedHill also expect to resubmit the Rizaport NDA to the FDA in the first half of 2017 and subsequently receive a new PDUFA date. Discussions are currently underway with potential commercialization partners for the U.S. market.