Pozen’s (NASDAQ:POZN) “safer on the stomach” aspirin combination drug will be commercialized in the United States by pharmaceutical giant Sanoft (NYSE:SNY) under a deal announced Wednesday after the close of the markets.
The deal awards $15 million up front to Pozen; the Chapel Hill company stands to gain pre-commercialization milestones of up to $20 million and other future milestones and royalties depending on sales of the PA drugs.
Pozen developed both PA8140 and PA32540, the same drug but in different dosages, as a way to deliver the heart protective qualities of aspirin in a form that reduces the gastrointestinal risks associated with aspirin alone.
“Sanofi has a strong heritage and expertise in the cardiovascular space, with Lovenox, Plavix, and most recently Multaq, and the PA products are an important addition to our already strong CV portfolio,” Anne Whitaker, President, North America Pharmaceuticals at Sanofi US said in a statement.
Sanofi will have responsibility for all sales, marketing, manufacturing and future development for the licensed PA products in the U.S. But it’s still up to Pozen to secure Food and Drug Administration approval for the new drug application that the company filed for the drugs in March. An FDA approval decision is expected in the first quarter of 2014. If FDA does approve the drugs, responsibility for the products then shifts to Sanofi.
The Wednesday announcement referenced only U.S. rights to the PA drugs. Pozen has said that it could pursue multiple partners for its PA program as it looks to commercialize the aspirin products worldwide.
Shares in Pozen jumped 13.4 percent to $6 in after hours trading.
