Recordati to commercialize Juxtapid in Japan

Italian drugmaker Recordati (RECI: MI) has signed a license agreement with Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics (Nasdaq: NVLN) for the exclusive rights to commercialize Juxtapid (lomitapide), currently approved for the treatment of homozygous familial hypercholesterolemia (HoFH), in Japan.

The agreement includes a right of first negotiation for product commercialization in Japan of any potential new indications that may be developed by Aegerion.

Under the terms of the agreement, Aegerion will receive a $25 million upfront payment, and an additional $5 million upon transfer of the Juxtapid marketing authorization in Japan to Recordati. Commercial milestone payments of up to an additional $80 million in the aggregate may become payable to Aegerion in prescribed increments, beginning at the end of the first quarter in which cumulative net sales in Japan reach $70 million, and continuing for each increase in cumulative net sales of $70 million thereafter, until cumulative net sales in Japan reach $700 million.