Bradley to Make a $7M Milestone Payment to BioSante and Antares
Fee is triggered by the approval of treatment for hot flashes.!--h2>
The approval of a treatment for hot flashes in menopausal women triggered a $7-million milestone payment from Bradley Pharmaceuticals to two companies.
In November 2006, Bradley Pharmaceuticals signed a marketing agreement with BioSante and its licensor, Antares Pharma, related to Elestrin in the U.S., through Bradley's Kenwood Therapeutics division.
Under the terms of this agreement, BioSante will receive $5.25 million and Antares will get $1.75 million. Additionaly payments will be made to both companies in December 2007.
BioSante reports that it retains the right to receive up to an additional $30 million upon the achievement of certain sales-based milestones. Antares says that regulatory- and sales-based payments could bring its total up to more than $13 million. The company will also receive a percentage of the royalties on third-party sales of Elestrin.
Bradley expects to launch Elestrin in mid-2007 into the $1.3 billion estrogen market. It is a low-dose transdermal estradiol therapy delivered in Antares’ Advanced Transdermal Delivery gel system.