European approval for Merck & Co/Cardiome's IV Brinavess; added use for AstraZeneca's Seroquel recommended
US drug giant Merck & Co (NYSE; MRK) and Canada-based partner Cardiome Pharma (Nasdaq: CRME/TSX: COM) say that their the formulation of Brinavess (vernakalant) has been granted marketing approval in the European Union, Iceland and Norway for the conversion of recent onset atrial fibrillation (AF) to sinus rhythm in adults.
The news saw Cardiome' shares leap 13.1% to $7, as the approval triggers a $30 million milestone payment to the company from Merck as part of a deal that could generate as much as $600 million for the Canadian firm.
The full indication approved in the EU is for the rapid conversion of recent onset AF to sinus rhythm in adults: for non-surgery patients with AF of seven days or less and for post-cardiac surgery patients with AF of three days or less.
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