A premature ejaculation drug developed by Furiex Pharmaceuticals (NASDAQ:FURX) has launched in the United Kingdom, setting up Furiex for a $5 million milestone payment from the drug partner that is marketing the drug there.

Morrisville-based Furiex struck up the deal with partnership with the Menarini Group in May 2012. Menarini licensed Priligy gaining rights to commercialize the premature ejaculation drug in Europe, most of Asia, Africa, Latin America and the Middle East.

Furiex is eligible for up to $40 million in sales-based milestones, plus royalties. Priligy is currently approved in more than 60 countries and is marketed in more than 20 countries. The drug does not yet have Food and Drug Administration approval for the U.S. market.

Priligy is a pill that is approved as an “on-demand” treatment of premature ejaculation, that is, the drug is designed to be taken only when needed – one to three hours before sexual intercourse.