Antibe Therapeutics inks regional licensing deal

Canada’s Antibe Therapeutics (TSXV: ATE) has signed an exclusive licensing and distribution agreement with Laboratories Acbel for ATB-346 in Greece, Romania, Serbia, Bulgaria, Albania, Algeria and Jordan. Acbel is a pharmaceutical company with a strong sales and distribution presence in the Balkan region.

Antibe will receive an upfront, non-dilutive payment of $1.1 million, and is entitled to receive a 5% royalty on net sales of ATB-346 in these countries. The agreement has a 30-year term with contemplated renewals thereafter. Acbel, through its affiliates and partners, is the largest seller of naproxen in this region, which represents around 1% of the global market for non-steroidal anti-inflammatory drugs (NSAIDs). The global market for NSAIDs is in excess of US$12 billion (Evaluate Pharma).

Antibe’s chief executive Dan Legault commented: “We are delighted to have concluded this agreement with Acbel. By delivering on our regional licensing strategy, Antibe has obtained non-dilutive funds that can be immediately deployed for our ongoing clinical trials. Of perhaps greater importance, this agreement represents an important validation of our drug development program, and its market value, by a leading regional pharmaceutical company well versed in the NSAID market.”