EffRx signs a distribution agreement with Hikma Pharmaceuticals for Binosto® in MENA
Freienbach, 4 February 2013 – EffRx Pharmaceuticals SA today announces the signing of a distribution agreement with Hikma Pharmaceuticals for Binosto®, EffRx’s innovative osteoporosis medication, for the Middle East and North Africa (“MENA”) region. Binosto® is the first and only buffered solution for the treatment of osteoporosis, delivering fracture-risk reduction and offering the potential to improve adherence to therapy.
Under the terms of the agreement, EffRx grants the exclusive rights to Hikma to register, market and distribute Binosto® in 19 countries across MENA. The agreement will leverage Hikma’s strong local presence and regulatory expertise in MENA, with over 1,600 sales and marketing representatives across the region.
Binosto® was developed by EffRx through an agreement with Merck & Co, Inc. granting EffRx the worldwide rights to all effervescent and related patents of alendronate. Patents have been granted to EffRx providing exclusivity for Binosto® through February 2023. Additional patents are pending. Binosto (buffered alendronate sodium 70mg) is an effervescent tablet for oral solution and has recently been approved in the United States, Europe and Australia for the treatment of osteoporosis in postmenopausal women. In the United States it is also approved for the treatment of men with osteoporosis to increase bone mass. Approvals in other territories are pending.
Mazen Darwazah, Hikma’s Vice Chairman and CEO of MENA said, “We are pleased to be licensing this excellent product from EffRx. The agreement supports our strategy to continue working with global partners to strengthen our product portfolio in growing therapeutic categories, including women’s health. Hikma is committed to bringing a broad range of high quality, pharmaceutical products to patients in MENA.”
Christer Rosén, Chairman and CEO of EffRx Pharmaceuticals said, “We are thrilled to announce this partnership with Hikma, a company who we believe to be an ideal partner for EffRx in MENA. We believe Hikma’s well-established sales force across the region can drive Binosto® to a market leadership position and we are extremely proud to have Hikma as a partner.”
EffRx is currently discussing the commercialization of Binosto with pharmaceutical companies in other key Regions. Lorenzo Bosisio, VP Business Development said, “This agreement is an important milestone for EffRx. It comes just after the recently announced reacquisition of rights to Binosto from Takeda. We are very excited about the strong interest for Binosto from partners in the remaining territories, such as Europe, Asia, and Latin America. We are committed to fulfil the promise of Binosto for patients around the world.”