Medical Developments International Limited
(ASX:MVP) will partner with Mundipharma International to licence and distribute its Penthrox pain treatment.
The commercialisation agreement gives Mundipharma exclusive product rights to 39 European markets excluding the UK.
MVP will receive upfront and mile stone payments of up to US$54.5 million in the deal including an upfront cheque of US$7 million on signing.
Penthrox is a non-narcotic, self-inhaled analgesic currently marketed in 10 countries including Australia, New Zealand and South Africa.
Medical Developments reported a net profit of $1.53 million for the 2015 financial year.
