Mayne Pharma signs up deals to market Subacap in Europe

Australian drugmaker Mayne Pharma (ASX: MYX) says it has signed two marketing and distribution agreements for Subacap, an improved formulation of itraconazole used to treat fungal infections, in four key European pharmaceutical markets.

Spain-based Isdin, a leading dermatology company in Southern Europe, will market the product in Spain, Italy and Portugal. India-headquartered Glenmark will do likewise in the UK. Under the two exclusive distribution agreements, Mayne will receive upfront payments, milestone payments on meeting certain market launch hurdles, and a percentage of net sales in each country. Mayne will manufacture the product for both distributors at its facility in South Australia.

Product launch is expected to occur by the end of calendar 2013 in the UK, early 2014 for Spain and by the end of 2014 for Italy and Portugal following a “repeat use” procedure to extend the existing marketing authorization into those additional countries.