IntelGenx (OTCQX:IGXT; TSX-V:IGX) has entered into a licensing, development and supply agreement with closely-held Chemo Group, granting Chemo the exclusive license to commercialize two generic products for the U.S. market and one product on a worldwide basis.
The Chemo Group is a global pharmaceutical company with over 5,000 employees, operations in over 40 countries and annual revenue of more than $1.2-billion.
Under the accord, Chemo has obtained certain exclusive rights to market and sell IntelGenx's products in exchange for upfront and milestone payments, together with a share of the profits of commercialization. Chemo also has a right of first refusal to obtain the exclusive commercialization rights for two of the products to include any country outside the U.S.
"This is the first step into a long-term strategic alliance,” IntelGenx president and CEO, Dr. Horst Zerbe, said in a statement.
“We see the completion of this deal as further validation of our oral delivery platforms and our ability to attract high-quality partnerships,” he added. “This partnership is the beginning of what we believe will lead to further product agreements in expanding our global reach of our innovative product pipeline."