Galen in upfront $4.5million deal with Novo Research for US rights for Synera pain relief patch

Canada’s Nuvo Research (TSX: NRI) today announced that its wholly owned subsidiary, ZARS Pharma, has entered into a license agreement for Galen US to acquire exclusive rights to market and sell Nuvo's Synera patch in the USA.

Under the terms of the agreement, Galen has made an upfront payment to Nuvo of $4.5 million. Nuvo, which focuses on products for the treatment of pain, will receive royalties of 10% of net sales and is eligible to receive a $5 million milestone payment upon gross annual sales reaching $25 million and a further $5 million upon gross annual sales reaching $50 million.

Synera is a topical patch that combines lidocaine, tetracaine and heat and is approved by the US Food and Drug Administration to provide local dermal analgesia for superficial venous access and superficial dermatological procedures, such as excision, electrodessication and shave biopsy of skin lesions.