Indevus Pharmaceuticals, Inc. has agreed to consent to the acquisition by Saturn Pharmaceuticals, Inc. of the rights to market Sanctura from Odyssey Pharmaceuticals, Inc., a subsidiary of Pliva d.d.
Under the terms of the Amendment and Consent, certain provisions of Indevus' License, Commercialization and Supply Agreement, originally with Odyssey, have been amended.
Saturn Pharmaceuticals, Inc. is a privately held pharmaceutical company recently formed by two leading private equity firms, New Enterprise Associates (NEA) and Domain Associates.
The amended Agreement, which will be effective on the closing of the sale of Sanctura, includes several changes to the economic terms previously in place between Indevus and Odyssey.
Under the agreement with Saturn, royalties payable to Indevus on net sales of Sanctura will increase. In addition, Indevus will now be entitled to receive guaranteed minimum royalties during the first three years. The annual sales force reimbursement due to Indevus will also increase and Indevus will now be entitled to a fourth year of reimbursement under the Agreement. Saturn has also granted Indevus the right to co-promote one of Saturn's future products on terms to be negotiated, a release from Indevus said.