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UPDATE 1-ProStrakan licenses testosterone gel to Bayer Schering

Thu Nov 27, 2008 3:29am EST

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Nov 27 (Reuters) - UK speciality pharmaceuticals company ProStrakan Group Plc (PSK.L) on Thursday said it gave an exclusive license to Bayer Schering Pharma to develop and market its testosterone replacement gel Tostran in 65 countries for an undisclosed amount.

The company said it would also get royalties and certain delayed payments on the product meeting some sales targets.

Bayer Schering will make unspecified upfront and milestone payments to ProStrakan as per the agreement, the company said. (Reporting by Usman Merchant in Bangalore; Editing by Gopakumar Warrier)

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