Furiex Enters Agreement For Priligy Product Rights

DOW JONES NEWSWIRES

Johnson & Johnson's (JNJ) Alza Corp. and Janssen Pharmaceutica N.V. units have agreed to transfer worldwide rights for the premature ejaculation treatment Priligy to drug developer Furiex Pharmaceuticals Inc. (FURX).

Separately, Furiex said it will license to Menarini Group rights to commercialize Priligy in Europe, most of Asia, Africa, Latin America and the Middle East. Furiex will retain full development and commercialization rights in the U.S., Japan and Canada.

Under the agreement with Menarini, Furiex will be eligible to receive a $15 million payment upon closing, up to $20 million in regulatory and launch milestones and up to $40 million in sales-based milestones, plus tiered royalties on product sales ranging from the mid-teens to mid-twenties on a percentage basis.

Priligy is currently marketed by Janssen for the treatment of premature ejaculation in 15 countries in Europe, Asia and Latin America and is approved in 43 countries worldwide. Janssen will continue to manufacture and manage certain clinical and regulatory activities related to Priligy for a defined period after the closing date of its agreement with Furiex.

Shares closed at $14.23 Monday and were halted after hours. The stock is off 15% over the past three months.

-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

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Furiex Enters Agreement For Priligy Product Rights