Pharma major Lupin has acquired the global rights for an intra-nasal steroid (INS) product, AllerNaze. The Mumbai-based company has acquired the rights from Collegium Pharmaceuticals , a mid-size innovator company in the US, it announced in a release on Tuesday.
Though Lupin declined to comment on the size of the deal, sources said the down payment was in the range of $20-30 million, apart from milestones-based payments that the US company would be eligible for.
S Ramesh, president (finance & planning) at Lupin told that, “The exact percentage of milestones payments will be a function of sales. Initially, we plan to sell it in the US but, by 2011, we hope to start marketing it to other countries as well. After US, Europe and Japan are big markets for this product.” According to research firm IMS, the INS market generated annual sales of $2.5 billion in the US alone and Lupin is focusing its attention on this lucrative market.
The US Food and Drug Administration (USFDA) approved the drug in January this year. AllerNaze nasal spray is an aqueous based intranasal steroid to be prescribed for people with seasonal allergic rhinitis (SAR) and perennial allergic rhinitis (PAR). The drug can be used by adults and children over the age of 12.