Australasian pharmaceutical distributor and developer AFT (ASX:AFP)
has secured an $US18.8 million licensing and commercialisation contract with London-listed Hikma’s US subsidiary, for opioid-free painkiller Maxigesic IV.
The product is an intravenous, opioid free, post-operative pain relief medicine, in a family of AFT-developed over-the-counter painkiller pills.
The payment package will be split into an upfront payment and $US7.5 million milestone payments. AFT will also be entitled to commissions from product sales.
The deal will facilitate AFT’s pain medicine’s penetration into the US market. Under the contract, Hikma will endorse AFT’s application for US FDA approvals of the pain-relief drug.
In return, the agreement will grant Hikma Pharmaceticals USA exclusive sales, marketing and distribution rights to the painkiller product.
The Oceanic drug maker recognises the deal as a great opportunity to take advantage of the surging demand for opioid-free pain-relief medication in the US due to the increase levels of addiction to opioid painkillers there.
Shares in AFT Pharmaceuticals (ASX:AFP)
are trading 8.7 per cent higher at $4.00