BioAlliance Pharma SA (Euronext Paris – BIO), an innovative Company dedicated to the development of orphan oncology products and to supportive care products, announces the execution of the licensing agreement with Vestiq Pharmaceuticals to commercialize Oravig® in the United States (known as Loramyc® in Europe) for the treatment of oropharyngeal candidiasis in adults.
Under this agreement, BioAlliance Pharma should receive up to $44 million from Vestiq, the first $9 million corresponding to unconditionnal payments to be spread over 24 months. The agreement also includes significant royalties on sales. Vestiq will become the Marketing Authorization Holder of the product and will assume all related responsibilities.
At this stage, BioAlliance Pharma and Vestiq are actively preparing the US launch of Oravig® that should occur within the next few months.
« This agreement with Vestiq should allow the development of Oravig®’s US commercial potential and ensure its success in the top global market, driven by a skilled and experienced team in the promotion of Specialty pharma products”, declares Judith Greciet, CEO of BioAlliance Pharma.
“It is with great enthusiasm that we are initiating this collaboration with BioAlliance Pharma. Oravig® will become a key pharmaceutical product in our portfolio. It perfectly fits with Vestiq’s development strategy in the area of oncology supportive care”, declares Martin Baum, CEO of Vestiq Pharmaceuticals.
About Vestiq Pharmaceuticals
Based in North Carolina, Vestiq is a privately held company specialized in the promotion of oncology supportive care products. Vestiq has been founded by highly experienced pharmaceutical executives with a successful track record in building specialty pharma companies.