Cardiome Pharma Corp.
) recently selected privately-held Quintiles for providing
lifecycle safety and global regulatory affairs services for
Brinavess (vernakalant intravenous).
The services will be provided by Quintiles with immediate
We note that
) returned global marketing and development rights for both the
intravenous and oral formulations of Brinavess to Cardiome in Sep
Consequently, Cardiome reached a settlement agreement with
Merck in Dec 2012 and agreed to pay $20 million on or before Mar
31, 2013, to settle its outstanding debt of $50 million which it
owes to Merck.
We note the Merck/Cardiome agreement dates back to Apr 2009,
when the companies announced a collaboration and licensing deal
related to the development and commercialization of
While Merck Sharp and Dohme Corp. gained exclusive global
rights to oral vernakalant, Merck Sharp & Dohme (Switzerland)
and GmbH (another Merck affiliate) acquired exclusive rights to
the intravenous (IV) formulation of vernakalant outside the US,
Canada and Mexico.
Merck acquired North American rights as well to the IV
formulation in 2011.
Quintiles will be the service provider for Cardiome going
forward. We note that Brinavess is approved in the EU, Iceland
and Norway for the rapid conversion of recent onset atrial
fibrillation (AF) to sinus rhythm in adults.
Additionally, it is also approved for non-surgery patients
with AF of seven days or less and for post-cardiac surgery
patients with AF of three days or less.
However, the product is not approved for use in the US or
Cardiome expects that Quintiles' global reach and expertise as
a service provider will fill the gap that has resulted from the
termination of the collaboration agreement with Merck.
Currently, Cardiome Pharma carries a Zacks Rank #3 (Hold).
Pharma stocks that are well placed include
Eli Lilly and Company
). Both stocks carry a Zacks Rank #2.
CARDIOME PHARMA (CRME): Free Stock Analysis
LILLY ELI & CO (LLY): Free Stock Analysis
MERCK & CO INC (MRK): Free Stock Analysis
SANOFI-AVENTIS (SNY): Free Stock Analysis
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