BRUSSELS, April 3 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)