SteadyMed out-licenses certain ex-US rights for Trevyent to Cardiome

US drugmaker SteadyMed (Nasdaq: STDY) has entered into an exclusive license and supply agreement for Canada-based Cardiome Pharma (TSX: COM) to commercialize Trevyent (treprostinil) PatchPump in certain regions outside the USA if Trevyent is approved for the treatment of pulmonary arterial hypertension (PAH) in such regions.

Under the license agreement, SteadyMed will receive $12.25 million in connection with regulatory and sales milestones, including an upfront payment of $3 million. In addition, Cardiome has agreed to pay to SteadyMed a transfer price on finished goods and a scaling double-digit royalty on future Trevyent sales. The exclusive agreement includes Europe, Canada and the Middle East.

"SteadyMed has been searching for the ideal partner for ex-US commercialization of Trevyent that has a track record of selling parenteral therapeutics to cardiologists, an excellent regulatory infrastructure, a commercial organization with operations in major European markets and a passion to sell -- we found this in Cardiome," said Jonathan Rigby, president and chief executive of SteadyMed.