BioAlliance Pharma SA (Euronext Paris – BIO), an innovative Company dedicated to the development of orphan oncology products and to supportive care products, announces it has signed a binding term sheet with Vestiq for the commercialization rights in the United States of Oravig® (known as Loramyc® in Europe) for the treatment of oropharyngeal candidiasis in adults.
BioAlliance Pharma has just finalized the final terms of a partnership agreement with Vestiq, which will enter into force as early as next September.
Under this License agreement, BioAlliance Pharma should receive up to $44 million from Vestiq including significant unconditional payments and payments linked to sales performance. Sales royalties will also be paid to BioAlliance Pharma. Moreover, Vestiq should become the Marketing Authorization Holder of the product in the United States and would therefore be in charge of related costs.
Based in North Carolina, Vestiq is a private company specialized in supportive care. It has a team of more than 70 medical representatives who will promote Oravig® to the American practitioners. Vestiq is already commercializing synergistic products in this domain.
“Oravig® is the first product registered by BioAlliance with the Food and Drug Administration and it was very important for us to license it to a commercial partner able to give it its rightful place and develop its commercial potential. The marketing expertise of Vestiq Management, the synergy with existing products and the sales representative coverage are guarantees of this partnership’s future success”, declares Judith Greciet, CEO of BioAlliance Pharma. “Having Oravig® on the US market is a key achievement to us. This is also great news for the patients suffering from oropharyngeal candidiasis who will benefit from Oravig®’s unique efficacy profile, thanks to an innovative muco-adhesive administration route”.