Almirall, the international pharmaceutical company based in Spain, announced a pan-European licensing-in agreement with Ironwood Pharmaceuticals Inc for the first-in-class compound, linaclotide, currently in late stage development for the treatment of syndrome with associated constipation (IBS-C) and other gastrointestinal conditions.
As per this exclusive licensing-in agreement Almirall will be responsible for the commercialisation of linaclotide in all country members of the European Union, plus Russia, CIS, Switzerland, Norway and Turkey, as well as other countries of the former Yugoslavia. Almirall will also be responsible for the activities relating to obtaining regulatory approvals in the mentioned territories.
Under the terms of the agreement Almirall will pay an upfront of US $40 million for the rights of linaclotide. Further payments are linked to the achievement of future development, regulatory and commercial milestones. As part of the agreement and subject to certain future conditions, Almirall will make a US$ 15 million equity investment in Ironwood.
"We are very pleased to have signed this agreement with Ironwood and are sure that linaclotide will represent a major advance for patients suffering from IBS-C in Europe while strengthening our commitment to the gastrointestinal area," said Jorge Gallardo, chairman-chief executive officer of Almirall. "We are looking forward to progress into the collaboration with Ironwood. This partnership represents a step forward for Almirall reinforcing our presence in European markets. It is also an important milestone in our offering society innovative medicines to fulfil unmet medical needs," he adds.
This is the fourth licensing agreement signed in the last six months and means another move to support one of Almirall's strategic objectives: to reinforce its international growth with corporate development activities. It comes after the recent agreements for Tesavel (sitagliptin) and Efficib (sitagliptin + metformine) for the treatment of diabetes type-2 with MSD; Astucor (amlodipine + atorvastatin) for the treatment of cardiovascular prevention for hypertense patients with associated risk factors with Pfizer, and silodosin for the treatment of benign prostatic hyperplasia from Recordati.
Linaclotide is a first-in-class compound in late stage development for the treatment of irritable bowel syndrome with constipation (IBS-C), being in phase-III for chronic constipation in the USA.
Ironwood Pharma is an entrepreneurial pharmaceutical company dedicated to the science and art of great drugmaking. Linaclotide, the company's first-in-class compound, is being evaluated in a comprehensive phase-3 programme for the treatment of irritable bowel syndrome with constipation (IBS-C) and chronic constipation (CC).
Almirall is an international pharmaceutical company based on innovation and committed to health.