Flamel Technologies announced that it has entered into a multi-year supply agreement with GlaxoSmithKline for the production of Coreg CR microparticles. Flamel Technologies is the sole supplier of Coreg CR microparticles for GSK. Under the agreement, Flamel will receive guaranteed minimum payments to supply Coreg CR microparticles over a period of several years. The agreement defines the manufacturing relationship between the two companies following the expiration of the previous supply agreement on December 31, 2010. Pursuant to the agreement, Flamel received a payment of 1.3 MM Euros during the third quarter and anticipates a further 1.3 MM Euros payment to be paid in the next ten days, as well as the higher margin on all product produced by Flamel since January 1, 2011.
Stephen H Willard, Flamel's chief executive officer, commented, “We welcome the conclusion of this agreement with GSK. The new supply agreement provides Flamel and its shareholders with higher margins and greater certainty. We believe that this agreement further strengthens our ability to develop both of our best-in-class drug delivery platforms.”
The Micropump micro-encapsulation drug delivery platform (oral drugs) is designed to increase the absorption time of drugs, particularly for drugs only absorbed in the small intestine. It enables the achievement of precise pharmacokinetics. It can be presented in various dosage forms such as capsules, tablets, sachets or oral suspensions (LiquiTime) without modifying the release rate.
Flamel Technologies SA is a leading drug delivery company focused on developing safer, more efficacious formulations of drugs that address unmet medical needs.