Wragge & Co’s Life Sciences team has advised ProStrakan Group plc on a cross-border licensing and distribution agreement with international pharmaceutical company Aptalis Pharma Inc. The deal is Wragge & Co’s first major instruction from ProStrakan, the international specialty pharmaceutical company which is part of the Kyowa Hakko Kirin Co. Ltd. (KHK) group of companies.
Under the agreement Aptalis will gain exclusive rights to market ProStrakan’s drug ‘Rectiv™ (nitroglycerin) ointment 0.4%’ in the US. Aptalis will make up front and commercialisation payments to ProStrakan, as well as further payments in royalties and on achievement of agreed sales milestones.
Head of life sciences Patrick Duxbury led the deal, working closely with ProStrakan’s general counsel Andrew McLean and director of business development Wayne Bowler.
Patrick Duxbury said: “This international deal drew on our experience of advising on cross-border transactions. With specialist expertise in the life sciences sector, we provided commercially-focused advice to ensure ProStrakan’s negotiations with Aptalis reached this successful conclusion.”
Tom Stratford PhD, chief executive of ProStrakan, added: “Rectiv sits outside our core focus in the US, and that of our parent company, KHK, which is on oncology, immunology and nephrology, so it is strategically appropriate for ProStrakan to out-license Rectiv in the US. We are delighted that Wragge & Co has been able to assist us in achieving our partnership with such a highly regarded gastrointestinal specialty company as Aptalis for this important launch.”
ProStrakan is one of Europe’s fastest-growing pharmaceutical companies. Its Rectiv™ drug treats moderate to severe pain associated with chronic anal fissure. The drug will be the only Food and Drug Administration-approved prescription product in the US for patients with this condition.
Lowenstein Sandler advised ProStrakan on US antitrust matters associated with the deal. Dewey & LeBoeuf New York acted for Aptalis.
Wragge & Co’s Life Sciences team comprises full-service expertise in IP, corporate, antitrust, regulatory and dispute resolution matters. With experience of global patent infringement actions, European regulatory compliance, M&A transactions and cross-border licence and collaboration agreements, its clients include AstraZeneca, Astex Therapeutics, Chroma Therapeutics and MedImmune.
Highlights include completing two deals for biotechnology company Heptares Therapeutics in a week, advising GlaxoSmithKline on the spin out of Autifony Pharmaceuticals and securing MedImmune’s in license of Tremelimumab from Pfizer.
