Firm News
Wiggin and Dana Advises Client Photocure ASA in Connection With Its Agreement With Ipsen Pharma SAS for the Return of Hexvix®
On behalf of the Firm, Wiggin and Dana Partner Patti Melick and Associate Monica Kolinsky represented client Photocure ASA in its agreement with Ipsen Pharma SAS for the return of Hexvix® sales, marketing and distribution rights in Europe and other markets that had been controlled by Ipsen. Hexvix is Photocure’s optical molecular imaging agent for the diagnosis of bladder cancer. In 2011, Photocure and Ipsen entered into a global commercialization agreement for the sales, marketing and distribution of Hexvix by Ipsen outside the Nordic region and the U.S. Ipsen has served as a strategic partner and has built a solid position for the brand in select key European markets. Photocure will now regain the global commercialization of Hexvix. Under the terms of the current agreement, Photocure will pay Ipsen EUR 15 million and regain all Hexvix marketing rights from Ipsen. Ipsen will book sales up until these dates. Ipsen will in addition receive earn-out payments in the range of 10-15% of sales (years 1-7 post-termination) and 7.5% of sales (years 8-10) in the current Ipsen markets.
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