Borders drug firm ProStrakan has struck a deal to buy the rights to a constipation treatment from sector giant AstraZeneca.
Under the agreement, ProStrakan will pay AstraZeneca $70 million (£50.2m) up front for the European rights to Moventig, a treatment for opioid-induced constipation in adults who have had an “inadequate response” to laxatives.
Additional milestone and royalty payments will made at undisclosed levels, said Galashiels-based ProStrakan – a subsidiary of Tokyo-based Kyowa Hakko Kirin.
The deal covers the rights to Moventig in the European Union as well as Iceland, Liechtenstein, Norway and Switzerland.
ProStrakan chief executive Tom Stratford said: “Moventig is an excellent fit for our oncology and pain-focused sales teams across Europe and opens up broader opportunities to serve both cancer and non-cancer chronic pain patients with this innovative, first-in-class therapy.
“This important medicine will complement our existing breakthrough cancer pain products, Abstral and PecFent, and, through our existing contact with oncology and pain specialists across the continent as well as other planned physician groups, I am confident that we can make Moventig available as an option to a broad range of patients who suffer opioid-induced constipation.”
Luke Miels, executive vice-president for global product and portfolio strategy at AstraZeneca, added: “This agreement is in line with our strategy to focus our resources within our three main therapy areas while unlocking value from the important medicines in our portfolio.
“ProStrakan’s significant expertise in the area of pain medication will ensure patients across Europe benefit from a first-in-class treatment. It complements our commitment along with Daiichi Sankyo to build the market and co-commercialise this important medicine in the US.”