Nuvo Research gets $6.0 million milestone on Pliaglis EU approvals
Canada-based specialty pharma firm Nuvo Research (TSX: NRI) announced that global commercial partner Galderma of Switzerland has received its first three marketing licenses from European Union countries for Pliaglis (lidocaine and tetracaine), resulting in total milestone payments of $6 million to the firm.
The milestone payments are due on the earlier of the launch of Pliaglis in the approved countries or six months from the date of marketing approval. The payments to Nuvo are expected in December 2012 ($5.0 million) and January 2013 ($1.0 million). Galderma has advised Nuvo that it expects to launch Pliaglis in the EU and other territories in the first half of 2013.
Further EU approvals anticipated over next 12 months
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