OSLO, Norway, June 24, 2024 /PRNewswire/ -- Navamedic ASA and Orion Corporation ("Orion") have today signed a license and supply agreement for Flexilev®, including the OraFID® dispenser, across Europe, not including Sweden, Norway, Denmark, and Iceland, where Navamedic will market and sell the product. Flexilev is a novel prescription treatment for Parkinson's disease and was added to Navamedic's product portfolio following the acquisition of Sensidose AB in May 2023.
Through the signed agreement, Orion has been granted the exclusive right to market, distribute, and sell Flexilev® in 27 countries in Europe, including the "big five": Germany, France, Italy, Spain and the UK. Orion will be the marketing authorization (MA) holder in their territory and assume all rights and responsibilities as the MA holder. Navamedic will be responsible for manufacturing and supply of Flexilev in the OraFID dispenser to Orion.
"The agreement with Orion to market and sell Flexilev in Europe represents a major milestone as part of the commercialization strategy for Flexilev. Since acquiring the product last year, we have identified several significant growth opportunities for Flexilev, with focus on signing an agreement for Europe where we already have sales in our home turf Scandinavia and marketing authorizations in several other countries. Orion has long-standing experience in the field of neurological diseases and has paved the way for Parkinson's disease treatment in Europe, making it a strong commercial partner that matches Navamedic's ambition for Flexilev," says Kathrine Gamborg Andreassen, CEO of Navamedic ASA.
"This agreement will enable Orion to broaden our Parkingson's Disease portfolio and extend treatment offering to suitable advanced stage patients in Europe", says Hao Pan, SVP of Branded Products, Orion.
The agreement consists of a non-refundable upfront payment of 2mEUR to Navamedic, upon signature of the agreement. Additionally, Navamedic is entitled to milestone payments of up to 3.5 mEUR upon reimbursement approval in key countries, as well as royalty from net revenue and sales milestone payments.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
About Navamedic
Navamedic is a Nordic pharmaceutical company dedicated to enhancing people's quality of life by being a reliable supplier of high-quality prescription, consumer health, and hospital products to hospitals and pharmacies. Our growing product portfolio has been carefully selected to meet consumer needs and current public health concerns, such as obesity, Parkinson's disease, and gastro-related ailments, to empower people to live healthier and more fulfilling lives. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit Navamedic.com.
About Flexilev®
Flexilev® was developed by Sensidose AB and is prescription treatment for advanced Parkinson's diases. It contains two active substances, levodopa and karbidopa, and is administered as micro tables through Orafid, a tablet delivery device. With the combination of Flexilev and Orafid, patients receive individualized treatment and are provided with the correct dose at the correct time.
About Orion Corporation
Orion is a globally operating Finnish pharmaceutical company - a builder of well-being. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2023 amounted to EUR 1,190 million and the company had about 3,600 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
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