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Article: AVANIR Pharmaceuticals to Receive $24 Million for Rights to Abreva(R) North American Royalty Stream.
- Article from:
- PR Newswire
- Article date:
- December 26, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AVANIR Pharmaceuticals announced today that it has sold a portion of its future royalty stream on North American sales of Abreva(R) to Drug Royalty USA for $24.1 million. AVANIR retains rights to all current and future royalties from product sales in the rest of the world. AVANIR also retains the rights to other potential product indications, such as HSV2 and herpes zoster.
Terms of the license purchase agreement with Drug Royalty provide for an initial payment of $20.5 million that was received on December 4, 2002. AVANIR retains rights to 50% of royalties earned on sales of Abreva in excess of $62 million a year. AVANIR will receive an additional $3.6 ...