Ferring Pharma gains rights for elobixibat from Albireo

Swiss drugmaker Ferring Pharmaceuticals has entered into a licensing agreement with Albireo AB, a Sweden-based biotechnology company spun out from Anglo-Swedish drug major AstraZeneca in 2008, gaining rights to develop and commercialize elobixibat, a first-in-class compound for chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C).

The accord gives Ferring rights to market the product globally with the exception of Japan and a small number of Asian markets, where rights to the drug have been vested with Ajinomoto Pharmaceuticals. In consideration of the rights, Ferring will pay Albireo a significant upfront licensing fee, milestones and tiered double-digit royalties. Ferring will also be responsible for development costs in its territory. Further financial details were not disclosed.

Biggest deal for Ferring, which will broaden its GI portfolio