RedHill signs Asian licensing agreement for migraine drug Rizaport

Israel-based biopharmaceutical company RedHill Biopharma (TASE: RDHL)  and Canada’s IntelGenx (OTCMKTS: IGXT) have signed an exclusive license agreement with Pharmatronic to commercialize the acute migraine treatment Rizaport in South Korea.

Under the agreement, RedHill grants Pharmatronic exclusive rights to the drug in South Korea, where Pharmatronic is based. Although financial terms of the deal were not disclosed, RedHill and IntelGenx, the latter of which provided the platform on which the drug is based, will receive an upfront payment, as well as additional milestone payments if the drug hits regulatory and commercial milestones, and sales royalties.

The agreement will run for an initial 10 years, with launch of the drug targeted for first-quarter 2019. The companies also intend to submit the Rizaport New Drug Application (NDA) to the US FDA in the first half of 2017.