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Print Edition StoriesThursday, January 15, 2009
Javelin in $71M pain drug partnership in Europe
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Javelin Pharmaceuticals Inc., a Cambridge developer of pain management products, has entered into a $71 million exclusive European marketing partnership with Therabel Pharma N.V. over the commercialization of Javelin’s Dyloject product.
The partnership is expected to bring Javelin (AMEX: JAV) about $12 million in upfront payments and up to $59.5 million in sales and regulatory milestone payments. Future sale of Dyloject to countries included in the agreement will net double digit royalty payments for Javelin as well.
Under terms of the agreement, Therabel will assume all marketing, regulatory and manufacturing responsibility for the pain management drug in the U.K., and likewise for any other European country.
Cambridge-based Javelin announced in November a plan to cut 15 percent of its employees, about six people, in an effort to lower company costs. CEO Martin Driscoll said in a statement that the restructuring efforts will ultimately support the U.S. and European approval and commercialization of both Dyloject and its other pain management drug, Ereska.
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