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news.GW Pharmaceuticals has entered into a licensing agreement with Novartis Pharma for the commercialization of Sativex in Australia and New Zealand, Asia (excluding Japan, China and Hong Kong), Middle East (excluding Israel/Palestine) and Africa.
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Sativex is a cannabinoid medicine for the treatment of spasticity due to multiple sclerosis which is also in development in cancer pain and neuropathic pain of various origins.
As per the terms of the agreement, Novartis will get the exclusive commercialization rights to Sativex and will be responsible for regulatory filings and act as Marketing Authorization holder for Sativex.
However, GW will be responsible for the manufacturing and supply of Sativex.
The companies are expected to initiate regulatory filings for Sativex in MS in some of the countries in the above regions during 2011.
The tie up allows GW to get of $5m as an upfront payment and is also entitled to receive additional payments totaling $28.75m upon the achievement of certain approval and commercial milestones.
In addition, GW will receive royalties on net sales of Sativex.
Sativex is licensed to Otsuka Pharmaceutical in the US, to Almirall in Europe (excluding the UK), to Bayer HealthCare in the UK and Canada, and to Neopharm Group in Israel/Palestine.