Kitov updates on US Consensi launch

Israel-based Kitov Pharmaceuticals’ (TASE: KTOV) shares were up 11% pre-market today after it announced its combination drug to treat osteoarthritis pain and hypertension is expected to be commercially available in the USA within the fourth quarter of 2019.

This comes after it amended an agreement with Coeptis Pharmaceuticals for commercialization in the USA. Marketing and distribution of the Food and Drug Administration-approved drug, Consensi (amlodipine/celecoxib; KIT-302), will be led by Coeptis’ partner.

Under the terms of the amended agreement Kitov will receive 20% in royalties on net sales of Consensi with minimum royalties of $4.5 million over the next III years. In addition, Kitov is entitled to receive up to $99.5 million in milestone and reimbursement payments, of which $1 million was previously received, $1.5 million is expected before the end of the year in connection with the manufacturing of the initial commercial batches, an additional $1 million is due following the first commercial sale of Consensi in the USA and $96 million which is subject to certain pre-defined commercial milestones.