First Horizon Pharmaceutical Corporation, a pharmaceutical company which focuses on marketing products of cardiology, women's health and pediatrics, has made a pact with SkyePharma PLC granting the exclusive license for a term of fifteen years to market and distribute a cardiovascular product in the US.

The product's approval from US Food & Drug Administration (FDA) is expected by the end of this year. The company has also bagged the right to develop and commercialize a future cardiovascular product utilizing the SkyePharma-delivery technology. According to the agreement, First Horizon has to pay $5 million to SkyePharma upon signing the agreement and up to an additional $15 million is payable thereafter.

The deal would pay SkyePharma 25 per cent of its net sales. Further, SkyePharma will contribute up to $5 million toward First Horizon's sales and marketing efforts. "Consistent with our strategy to develop a strong cardiology franchise, we are pleased to have entered into this agreement with SkyePharma and to have secured a new product which is well suited to our existing portfolio," said Patrick Fourteau, CEO and president of First Horizon.

"First Horizon is a perfect partner to promote this product to cardiovascular physicians as well as general and family practitioners. First Horizon, which has a commitment to evaluate future product opportunities, can utilize our drug delivery technologies," opines Michael Ashton, SkyePharma's CEO First Horizon has a portfolio that includes 14 branded prescription products of which 6 are actively promoted to high-prescribing physicians.