CHAPEL HILL, N.C. … Pozen (NASDAQ: POZN) and Danish drug company Nycomed Danmark have signed a licensing agreement for the commercialization of Pozen’s migraine drug, MT 100, in four Scandinavian countries.

Under the terms of the agreement, Nycomed will have exclusive rights to market MT 100 in Denmark, Sweden, Norway and Finland. The countries account for approximately 18 percent of the projected European market. Nycomed will pay Pozen an upfront fee of $500,000 and potential milestone payments totaling $1 million relating to regulatory approvals, as well as a double-digit royalty rate on sales of MT 100.

“This license marks an important first step in the commercialization of MT 100 in Europe,” Pozen President and Chief Executive John R. Plachetka said in a statement. “Nycomed is a European pharmaceutical company with a strong Nordic base, and we believe they are well-positioned to maximize the commercial potential of MT 100 in one of the most significant markets in Europe.”

Nycomed CEO Hakan Bjorklund said in a statement, “Migraine therapy has become an important focus area for Nycomed in the Nordic area. We are pleased to have the opportunity to deploy our expertise in this area on an exciting innovative product such as MT 100. With MT 100 and Almogran, which we are marketing for Almirall in the Nordic territory, we are well-positioned to provide migraine patients with the full spectrum of therapeutic choices.”

Last October, Pozen submitted a Marketing Authorization Application for MT 100 to the Medicines Control Agency (MCA) in the United Kingdom. If approved, the company will seek approval in select European countries, including Denmark, Sweden, Norway and Finland, through the European Union Mutual Recognition Procedure, which allows other European countries to grant national approvals based upon the review and endorsement of the MCA.

Nycomed will be responsible for obtaining the necessary pricing and reimbursement approvals in Denmark, Sweden, Norway and Finland.