Italy's Menarini to pay up to $385 million for rights to CV Thera's Ranexa

Italy's largest pharmaceutical company, the privately-held Menarini Group, has entered into an agreement with US firm CV Therapeutics to gain rights for Europe and some other territories to its angina drug Ranexa (ranolazine) prolonged-release tablets.

Under the accord, Menarini has committed to make an upfront payment of $70.0 million in consideration of the rights granted and recognition of the R&D investments made by CV Therapeutics. In addition, the Italian firm could make additional payments and investments totaling up to $315.0 million (based on the current currency exchange rate) for commercial and development milestones, as well as promotional and detailing commitments. The commercial milestones are primarily linked to sales levels and those for development to approval of Ranexa in Europe for certain additional indications that are jointly developed. The arrangement provides mechanisms for the parties to collaborate and share the costs of joint development of Ranexa.

In total, the deal grants rights to Menarini for Ranexa in 68 countries, including the 27 members of the European Union, the Commonwealth of Independent States and select countries of Central and South America.