Fennec, Norgine Reach Licensing Deal To Commercialize Pedmarqsi In Europe, Australia, & New Zealand

(RTTNews) - Fennec Pharmaceuticals Inc. (FENC, FRX.TO), a commercial stage specialty pharmaceutical company, and Norgine, a European specialist pharmaceutical company, announced an exclusive licensing agreement by which Norgine will commercialize Pedmarqsi in Europe, Australia and New Zealand.

Pedmarqsi is approved therapy in the EU and U.K. for the prevention of ototoxicity (hearing loss) induced by cisplatin chemotherapy in patients 1 month to less than 18 years of age with localized, non-metastatic solid tumors.

As per the terms of the licensing deal, Fennec will receive 40 million euros in upfront consideration and up to 210 million euros in additional commercial and regulatory milestone payments and double-digit tiered royalties on net sales of Pedmarqsi in the licensed territories up to the mid-twenties.

Norgine will be responsible for all commercialization activities in the licensed territories and will hold all marketing authorizations in the licensed territories.