Oscient Pharmaceuticals Corporation (OSCI) And LG Life Sciences, Ltd. Amend FACTIVE License Agreement; Modifications Include Adjustments To Royalty Rate Structure
10/19/2005 5:13:13 PM
WALTHAM, Mass.--(BUSINESS WIRE)--April 6, 2005--Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) has amended its license and option agreement with LG Life Sciences, Ltd. for the Company's lead product, FACTIVE(R) (gemifloxacin mesylate) tablets. The amended agreement includes a reduction of future royalties payable to LG Life Sciences at certain FACTIVE revenue levels in territories covered by the agreement.
"With nearly 90,000 prescriptions written to date, the initial reception of FACTIVE by physicians has been positive. By amending this agreement to include more favorable royalty terms at the higher potential sales levels, we have taken an important step in creating long-term value both for FACTIVE and our shareholders," stated Steven M. Rauscher, President and Chief Executive Officer of Oscient Pharmaceuticals. "Our partners at LG Life Sciences share our vision for FACTIVE and with this restructuring have helped make the product a potentially more attractive opportunity for further investment in building the brand."