Ipsen has signed an agreement with GTF Group to transfer the marketing authorisations of Ginkor Fort for France, Monaco and Andorra by January 1, 2008. Ipsen also granted to GTF the right to exclusively licence all Ginkor Fort trademarks with a possible transfer of these rights upon termination of the licence.
This agreement is in line with Ipsen's strategy to focus on targeted therapeutic areas (oncology, endocrinology and neuromuscular disorders) and optimise its portfolio of primary care products in the context of the withdrawal of all veinotonic drugs from France's list of reimbursable medicines by January 1, 2008.
Under the agreement, GTF will pay to Ipsen €10.5 million. Other milestone payments will be added following the evolution of the market for this product class in 2008. Ipsen will supply the finished product to GTF for an initial period of five years, with a possible renewal, and will continue to market the product outside France, Monaco and Andorra.
Christophe Jean, executive vice-president and chief operating officer of Ipsen, said, "We are pleased to entrust the future of Ginkor Fort, as an OTC product from its next delisting, to GTF who have the experience and the necessary distribution channels to reach pharmacists. GTF's dynamism and commitment to our product and patients are, for us, the best measure of success."
Franck Sinabian, président du directoire of GTF, is convinced that "Ginkor Fort is a field-proven drug with widespread brand awareness. These competitive advantages will allow GTF to maintain Ginkor Fort leadership position in this market."
Ginkor Fort is an oral formulation containing three active substances, namely troxerutin A (a vasoactive rutin analogue, a flavonoid of plant origin), heptaminol chlorhydrate and a standardised Ginkgo biloba extract. It is used in the treatment of vascular conditions, of venous insufficiency of the lower limbs and of acute haemorrhoid episodes. This product was initially launched as Ginkor in France in 1972 and subsequently changed its name to Ginkor Fort in France during 1989. In 2006, sales of Ginkor Fort amounted to €41.7 million, down 31.8% year-on-year (91.6% of Ginkor Fort sales originated from France).
Ginkor Fort is prescribed primarily by general practitioners and the following specialists:gastroenterologists, gynaecologists, phlebologists (vein specialists) and dermatologists. Ginkor Fort's price was reduced by 15% in February 2006. Moreover, the French government published a decree in the Journal Officiel on January 25, 2006 cutting the reimbursement rate for all products of the veinotonic class of drugs to 15% from 35% from February 1, 2006 to December 31, 2007. These drugs will be withdrawn from the list of reimbursable drugs from January 1, 2008.
Partner of the health industry from more than 20 years in the Human Resources consultancy, the strategy and the promotion to the medical profession (general practitioners, specialists, hospital staff), and in pharmacy, the GTF Group includes 500 members of staff in France and Belgium. Since 2000, GTF has been carrying out with Tonipharm Laboratory outsourcing projects of mature products for big pharmaceutical companies.
Ipsen is an innovation driven international specialty pharmaceutical group with over 20 products on the market and a total worldwide staff of nearly 4,000. The company's development strategy is based on a combination of products in targeted therapeutic areas (oncology, endocrinology and neuromuscular disorders) which are growth drivers, and primary care products which contribute significantly to its research financing.