UPDATE 1-Sandoz buys German rights to Apricus' sex drug

* Sandoz to pay up to 21 million euros, plus royalties

* Apricus shares up 4 pct

Feb 15 (Reuters) - Apricus Biosciences Inc said its unit NexMed licensed the German marketing rights to its erectile dysfunction drug to Novartis AG's Sandoz unit for up to 21 million euros ($27.4 million) and royalties.

Apricus said it will receive double digit royalties on sales of Vitaros, apart from the upfront and milestone payments.

Apricus' drug Vitaros is approved in Canada and the specialty pharmaceutical company has also filed for marketing approval in the United States.

The San Diego, California-based Apricus, had already licensed the Canadian marketing rights of Vitaros to Abbott Laboratories in January and the Italian marketing rights to Bracco SpA in 2010.

Apricus shares were up 5 percent at $3.59 on Wednesday on the Nasdaq.