AstraZeneca announced today it has completed an agreement that will transfer the rights of Moventig (naloxegol) to Kyowa Hakko Kirin subsidiary, ProStrakan Group.
ProStrakan will now own the rights to Moventig in the European Union (EU), Iceland, Norway, Switzerland and Liechtenstein.
Moventig is a once-a-day oral peripherally-acting mu-opioid receptor antagonist (PAMORA) developed to treat opioid-induced constipation (OIC). It is designed for adult patients who have irregular responses to laxatives and is the first medicine of its kind to be approved in Europe.
According to the agreement, AstraZeneca will receive $70 million upfront from ProStrakan in order to procure the rights to sell and develop Moventig in the EU, Iceland, Norway, Switzerland and Liechtenstein. AstraZeneca will also receive contingency payments from ProStrakan for market access decisions in other European markets and tier-modeled double-digit royalties based on sales and the reaching of sales milestones.
The agreement also states that ProStrakan must collaborate with AstraZeneca on decisions for specific strategies in European territories. No AstraZeneca employees or facilities will be moved or transferred due to the deal.
Moventig is already available for purchase in the UK, Ireland, Germany, the Nordic Countries, Austria and Switzerland.