Firm also obtains first right to partner for other products in country.
GlaxoSmithKline (GSK) named Paladin Labs as the exclusive distributor of Dexedrine® (dextroamphetamine sulfate) within Canada for a period of three years. Paladin has obtained an option to purchase all remaining rights to the product in Canada at the end of that period. GSK will be providing certain distribution support services for an interim period. The agreement also marks the start of a strategic relationship with GSK whereby Paladin Labs will have the first right to partner with GSK on a number of products that GSK may choose to license or divest in Canada.
Dexedrine is indicated for the treatment of attention deficit hyperactivity disorder and in the adjunctive treatment of narcolepsy.
“This agreement will allow us to add to our portfolio of specialty pharmaceutical products and to build significant critical mass for our organization. Not only will we be adding close to $14 million to our top line next year, but just as importantly, we are establishing a strategic relationship with GSK for potential future transactions like this one,” said Jonathan Ross Goodman, president and CEO of Paladin Labs.