COPENHAGEN, Denmark and DUBLIN, June 6, 2017 /PRNewswire/ -- Veloxis Pharmaceuticals A/S (OMX: VELO) today announced that its U.S. subsidiary, Veloxis Pharmaceuticals, Inc., and Endo Ventures Limited have entered into an exclusive license, supply and distribution agreement, to register, commercialize and distribute Envarsus XR® in Canada.
Envarsus XR® (tacrolimus extended-release tablets) is a novel, once-daily formulation of tacrolimus for the prophylaxis of organ rejection in kidney transplant patients. Envarsus XR® is currently approved in Europe and the United States.
Under the terms of the agreement, Veloxis will receive an up-front payment and Veloxis will supply Envarsus XR® at a pre-specified transfer price. The initial term of the agreement is 15 years from the effective date of the agreement.
"Canada is a highly competitive market for tacrolimus formulations and we are very pleased to have attracted Endo Ventures Limited and its affiliate, Paladin Labs Inc., which has a rich history of Health Canada approvals and launches of licensed products for Canada, to join the growing Envarsus XR® family. Based upon Paladin's strong track record of commercializing innovative specialty products in Canada for over 20 years, we are confident that this deal will be expertly leveraged by Endo Ventures Limited and Paladin," said Craig Collard, Chief Executive Officer of Veloxis Pharmaceuticals A/S.
"We are very pleased to work with Veloxis and Endo Ventures Limited to bring a new treatment option for Canadian kidney transplant recipients," said Livio DiFrancesco, General Manager of Paladin. "This product complements our growing promoted specialty products portfolio and provides us an additional pillar upon which to grow our portfolio of innovative treatments."
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 U.S., 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.
About Endo Ventures Limited and Paladin Labs Inc.
Endo Ventures Limited is a highly focused generics and specialty branded pharmaceuticals company delivering quality medicines to patients in need through excellence in development, manufacturing and commercialization. Endo Ventures Limited is an Irish company based in Dublin, Ireland.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. Paladin has a focused marketing and sales organization that has helped it evolve into one of Canada's leading specialty pharmaceutical companies. Endo Ventures Limited and Paladin are operating companies of Endo International plc (NASDAQ: ENDP). Learn more at www.endo.com or www.paladin-labs.com.
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SOURCE Veloxis Pharmaceuticals A/S