IntelGenx Technologies Corp. and RedHill Biopharma Ltd. signed an exclusive license agreement with Pharmatronic Co. for the commercialization of RIZAPORT in South Korea.
RedHill granted Pharmatronic Co. the exclusive rights to register and commercialize the drug in South Korea. IntelGenx and RedHill will receive an upfront payment along with additional milestone payments upon achievement of certain predefined regulatory and commercial targets, as well as tiered royalties.
Further financial terms of the agreement were not disclosed.
The initial term of the definitive agreement is for 10 years from the date of first commercial sale and shall automatically renew for an additional two-year term.
Commercial launch in South Korea is estimated to take place in the first quarter of 2019.
IntelGenx and RedHill are expected to re-submit a new drug application for the drug to the U.S. FDA in the first half of 2017, and receive a new prescription drug user fee act date. They are currently in discussions with potential commercialization partners for the U.S. market.