Savient Pharmaceuticals, Inc. (SVNT) Enters Co-Promotion Agreement With Ferring Pharmaceuticals, Inc. For Nuflexxa; Savient To Establish Sales Force Targeting Rheumatologists Upon Sale Of Global Biologics Manufacturing Business
10/19/2005 5:13:06 PM
EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--March 23, 2005--Savient Pharmaceuticals, Inc. (NASDAQ:SVNT), announced today that it has signed a definitive agreement with Ferring Pharmaceuticals, Inc., a subsidiary of Ferring B.V., a privately owned specialty biopharmaceutical company, to enter a co-promotion agreement to market Nuflexxa(TM) (1% Sodium Hyaluronate) in the United States. Under the terms of the agreement, which is contingent upon completion of the sale of Savient's global biologics manufacturing business to Ferring B.V. and Ferring International Centre SA, subsidiaries of Ferring Holding SA, Savient will promote Nuflexxa to rheumatologists in the United States. Ferring will focus its promotional efforts for Nuflexxa on the orthopedic surgeon community in the United States and will market Nuflexxa globally to both rheumatologists and orthopedic surgeons.
Savient plans to establish a new sales force targeting the rheumatology community for this co-promotion effort. In addition, Savient will contribute financial support to the medical education, training and related advertising and marketing programs to support Nuflexxa through December 31, 2008. In consideration of this investment, Savient will receive 50% of the global revenue of Nuflexxa above agreed upon revenue thresholds. Savient will invest $20 million in its sales force and other marketing contributions over the first two calendar years of the agreement, subject to adjustment if the closing of the sale of Savient's global biologics manufacturing business does not occur on or before July 31, 2005. Beyond the first two calendar years, Savient's continued contribution to and participation in the co-promotion arrangement is contingent upon the achievement of agreed upon revenue thresholds.