The Belgian company specialising in women’s health, Mithra, has just signed a contract with the Hungarian companyGédeon Richter to market Estelle, its combined oral contraceptive, in Europe and Russia.
The partner” will have to pay an advance totalling 35 million Euros on signing the contract” followed by additional payments “of up to 20 million Euros” depending” on the regulatory steps to be concluded in relation to the product”. Royalties will be added to this over time, depending on sales. However, Mithra has secured its income as the Hungarian group is“obliged to sell a minimum amount each year”. For its part, Gédeon Richter can count on a turnover “of almost 3 billion over 20 years”.
Initial marketing authorisations are expected in 2020 but the company has already started selling the Estelle product. It plans to “publish phase 3 US results for Estelle in early 2019 with the last patient scheduled to leave the study in November”. In fact, Mithra is targeting the American market through its partner, Gedeon Richter, explains its President: “It should be noted that the US market is twice the size of the European market. The American deal will therefore be much bigger”. And could also involve other countries or continents such as Latin America and Australia, etc.
After this announcement, Mithra shares rose by 6% within 14 hours on the Brussels Stock Exchange.
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