Orexo AB Receives Million 5£ Milestone Payment For Abstral® In Europe And Zubsolv® Continues Strong Market Share Growth In The US
UPPSALA, Sweden--(BUSINESS WIRE)--Regulatory News:
The annual sales of Abstral in Europe has passed million 60€ during 2014, which triggers a milestone payment of million 5£ (approx. million 60 SEK) to Orexo AB (”Orexo”)(STO:ORX) from the commercial partner in Europe ProStrakan Group plc (”ProStrakan”).
According to the agreement from June 2012, with ProStrakan for Abstral sales in Europe, Orexo receive a fixed and non-conditional royalty of million 55£, a variable royalty for annual sales exceeding million 42.5€ and milestone payments of up to million 10£. The threshold for the variable royalty was reached during Q3 and Orexo will receive royalty for all sales of Abstral in Europe in Q4. The fixed and non-conditional Abstral royalties will reach million 174 SEK for the full year. These fixed royalties represents an amortization of the final fixed and unconditional payment related to the agreement with ProStrakan. The fixed payment will be fully recognized in the P&L by May 2015 and will have no cash impact, as the payments have all been received.
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The annual sales of Abstral in Europe has passed million 60€ during 2014, which triggers a milestone payment of million 5£ (approx. million 60 SEK) to Orexo AB (”Orexo”)(STO:ORX) from the commercial partner in Europe ProStrakan Group plc (”ProStrakan”).
According to the agreement from June 2012, with ProStrakan for Abstral sales in Europe, Orexo receive a fixed and non-conditional royalty of million 55£, a variable royalty for annual sales exceeding million 42.5€ and milestone payments of up to million 10£. The threshold for the variable royalty was reached during Q3 and Orexo will receive royalty for all sales of Abstral in Europe in Q4. The fixed and non-conditional Abstral royalties will reach million 174 SEK for the full year. These fixed royalties represents an amortization of the final fixed and unconditional payment related to the agreement with ProStrakan. The fixed payment will be fully recognized in the P&L by May 2015 and will have no cash impact, as the payments have all been received.
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