Elan to sell European Prialt rights to Eisai

Irish biotechnology firm Elan says it has agreed to sell the rights to Prialt (ziconotide, non-opioid severe chronic pain agent) in Europe, to Japanese firm Eisai. Elan, which will retain all rights to the product in the USA, says it will receive $50.0 million on closure of the transaction, a further $10.0 million from the launch of the drug in key European markets and $40.0 million if the product achieves certain sales revenue in Europe.

The drug, which was granted European Commission marketing approval for the treatment of chronic pain last year (Marketletter February 28, 2005), belongs to a class of non-opioid analgesics known as N-type calcium channel blockers and is a synthetic equivalent of a naturally-occurring conopeptide found in the marine snail Conus magus.

Elan adds that the product, which was launched in the USA in the first quarter of 2005, achieved revenues of $6.3 million for the year.