COPENHAGEN, Denmark, June 6, 2017 /PRNewswire/ -- Veloxis Pharmaceuticals A/S (OMX: VELO) today announced that its US subsidiary, Veloxis Pharmaceuticals, Inc., has entered into an exclusive license, supply and distribution agreement with Taiba Healthcare, a leading healthcare marketing, distributor and retail pharmacies group known regionally for a focus on specialty and rare diseases, to register, commercialize and distribute Envarsus XR in certain countries throughout the Middle East and North Africa (MENA) region.
Under the terms of the agreement, Veloxis will receive an up-front payment and a one-time sales milestone based on achievement of a certain sales target. Veloxis will supply Envarsus XR to Taiba for sale in the Territory at a pre-agreed transfer price. The initial term of the agreement runs for 10 years from the date the product is approved in each country in the Territory.
"Veloxis has received a strong response from potential partners around the world as we seek to make Envarsus XR broadly available in key regions. We are excited to partner with Taiba Healthcare, a leader in the MENA region for specialty pharmaceuticals and a partner for many of the most respected global specialty and rare disease biopharmaceutical companies," said Craig Collard, Chief Executive Officer of Veloxis Pharmaceuticals A/S.
Taiba Healthcare is the leading marketing, sales and distribution company with operations in the Middle East and Africa region, strongly committed to provide access to specialty and orphan products. Taiba has its own distribution network in all GCC countries reaching all of the MENA region with a regional office in Dubai and headquarters in Oman.
"We are very happy to team with Veloxis to bring its valuable treatment Envarsus XR to our territory and proud to add it to our distinguished portfolio of innovative treatments. Our aim is to use our extensive knowledge and expertise in the region to bring the significant benefits of Envarsus XR to the patients in our territory," said Dr. Saif-Al Hasani, Chief Executive Officer of Taiba.
About Veloxis Pharmaceuticals
Veloxis Pharmaceuticals A/S is a commercial-stage specialty pharmaceutical company committed to improving the lives of transplant patients. A Danish company, Veloxis Pharmaceuticals A/S operates in the U.S. through Veloxis Pharmaceuticals Inc., a wholly-owned subsidiary headquartered in Cary, North Carolina, USA. Veloxis has successfully developed Envarsus XR (tacrolimus extended-release tablets) based upon the company's unique and patented delivery technology, MeltDose®, which is designed to enhance the absorption and bioavailability of select orally administered drugs. The company is focused on the direct commercialization of Envarsus XR in the US, expansion of partnerships for markets around the world, and acquisition of assets utilized in transplant patients and by adjacent medical specialties. Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO.
For further information, please visit www.veloxis.com
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SOURCE Veloxis Pharmaceuticals A/S