Teva gains rights to commercialize Egalet's Sprix in Israel

USA-based Egalet (Nasdaq: EGLT) has granted exclusive rights to Israel’sTeva Pharmaceutical Industries (NYSE: TEVA) for the marketing and commercialization of its Sprix (ketorolac tromethamine) nasal spray in Israel, Gaza and the West Bank.

Teva, a leader in the commercialization of central nervous system (CNS) products, including many in pain management, will be responsible for registering, marketing, distributing and selling Sprix nasal spray in these territories. Under the terms of the agreement, Egalet will receive an undisclosed upfront payment, sales-based milestones and will share in the profits from net sales of Sprix in these territories. Egalet acquired rights to Sprix for an upfront payment of $7 million from Japan’s Daiichi Sankyo (TYO: 4568; The Pharma Letter January 9).

"This partnership showcases both companies' commitment to delivering effective, unique pain medicines and leverages the regional commercial expertise of Teva," said Bob Radie, president and chief executive officer of Egalet, adding "Our agreement with Teva represents a significant milestone for our company as it is our first distribution agreement outside the US for Sprix Nasal Spray and the first step to expanding the global reach of our commercial products. We will continue to seek out these types of collaborations so that we can deliver our novel treatment options to patients across the globe."