Apricus Biosciences, Inc.
) recently signed an exclusive licensing agreement to market
Apricus' Vitaros in the UK. The drug is indicated for the treatment
of erectile dysfunction.
Per the terms of the deal, Takeda will make an upfront payment
(details of which were not revealed) in addition to milestone
payments of up to €35 million to NexMed, a wholly owned subsidiary
of Apricus. As per IMS Health, the erectile dysfunction market in
the UK was about €202 million in 2011.
We note that Vitaros is already approved in Canada. Moreover,
the European Medicines Agency accepted the marketing authorization
application for Vitaros in mid 2011. The company expects the drug
to be approved in the EU in 2013.
Apricus has several agreements for Vitaros. The company has a
marketing agreement with
) in Canada. In Germany, Apricus has a partnership agreement with
) Sandoz for Vitaros. Apart from these Apricus has agreements with
Warner Chilcott plc
), Bracco SpA, Neopharm Group, Elis Pharmaceuticals and Global
Harvest Pharmaceuticals for the drug in the US, Italy, Israel,
Middle-East and Australia/New Zealand, respectively. The company
also has a clinical supply agreement with Warner Chilcott UK
Limited for Vitaros.
Apricus' other marketed drugs include Totect (extravasation from
intravenous anthracycline chemotherapy), Granisol (nausea and
vomiting associated with radiation and chemotherapy), NitroMist
(angina pectoris) and Aquoral (management of dry mouth).
We currently have a Neutral recommendation on Apricus. The stock
carries a Zacks #3 Rank (Hold rating) in the short run.
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