Tigenix sells marketing rights for knee treatment
BRUSSELS, April 3
BRUSSELS, April 3 (Reuters) - Belgian biotech group Tigenix has sold the marketing rights for its knee treatment product ChondroCelect to Swedish group Swedish Orphan Biovitrum .
The Swedish company will distribute and market ChondroCelect, which repairs damaged cartilage in the knee, in the markets where it is already available and will seek to expand its sales range to the rest of the Europe, as well as North Africa and the Middle East.
Under the 10-year deal, Tigenix will not receive an upfront payment but is eligible for royalties of 22 percent of net sales in the first year and 20 percent thereafter.
Tigenix will continue to make the drugs but the costs of this are borne by the Swedish group.
ChondroCelect, which had sales of 4.3 million euros ($5.92 million) in 2013, is currently available and reimbursed by insurers in Belgium, the Netherlands and Spain. ($1 = 0.7263 Euros) (Reporting by Robert-Jan Bartunek; Editing by Stephen Coates)