Prandin and PrandiMet strengthen company’s portfolio.
Sciele Pharma signed an exclusive agreement with Novo Nordisk to market Prandin® (repaglinide).
Under the terms of the agreement, Sciele will exclusively market Prandin and, upon approval by the FDA, PrandiMet® to physicians in the U.S. The company will also have the right of first refusal to obtain marketing rights in the U.S. to other Novo Nordisk products containing repaglinide, the active pharmaceutical ingredient in both Prandin and PrandiMet.
Prandin is an oral blood glucose-lowering drug of the meglitinide class used in the management of Type 2 diabetes mellitus. PrandiMet is a fixed-dose combination tablet of repaglinide and metformin.
“This partnership in the U.S. will enable us to increase the oral treatment options for people with Type 2 diabetes to help them gain good glycemic control,” says Martin Soeters, president of Novo Nordisk. “It will also allow Novo Nordisk to concentrate on bringing our complete portfolio of three insulin analogs to healthcare providers.”
While specific terms of the agreement were not disclosed, Sciele Pharma may receive revenue based on certain dollar baseline targets being met. The company expects this agreement to be immediately accretive and, as a result, is increasing its full-year 2008 revenue guidance from $440 million to $455 million.