Sciele Pharma has licensed a treatment for Type 2 diabetes from Novo Nordisk and another that has yet to receive approval from the U.S. Food and Drug Administration.
Financial terms were not disclosed.
Sciele (Nasdaq: SCRX) also obtained rights of first refusal for Novo Nordisk products that use the compound repaglinide.
Prandin and PrandiMet contains repaglinid. PrandiMet is the drug Novo Nordisk is seeking approval for from the FDA.
"This partnership in the U.S. will enable us to increase the oral treatment options for people with Type 2 diabetes to help them gain good glycemic control," said Martin Soeters, president of Novo Nordisk.
Sciele said the deal should be immediately accretive and boosted its 2008 revenue forecast by $10 million to between $440 million and $455 million.
