New Maxigesic agreement for AFT Pharmaceuticals with Leading Nordic Consumer Health Company in Sweden, Norway, Finland, Denmark and Iceland
AFT Pharmaceuticals (‘AFT’) has licensed the product line of its patented combination painkiller, Maxigesic, in the Nordic region to Weifa AS (‘Weifa’).
Maxigesic consists of a patented fixed ratio of ibuprofen and paracetamol (also called acetaminophen) for pain management. Maxigesic products will cover tablet, sachet and oral liquid formulations.
AFT Managing Director, Dr Hartley Atkinson, says AFT is particularly pleased to expand its existing relationship with Weifa. “With respect to Maxigesic, Weifa not only has expertise in the pain management field, but also in consumer health markets across the Nordic region. These markets are quite sizable, US$165M1, and we look forward to taking substantial market share through our alliance with Weifa. We aim to launch this coming FY2018.”
“This fits in well with our aim to increase the number of countries that Maxigesic is launched in over the next 12-15 months and hence sales. We have now completed two agreements within the last few weeks and we are working on a significant number of agreements, so we anticipate further announcements further down the track this year. This will include some larger size deals ,” said Dr Atkinson.
Kathrine Gamborg Andreassen, Chief Executive Officer at Weifa, says “We are delighted to sign this new alliance agreement with AFT. Maxigesic represents a unique novelty for the Nordic market and will contribute greatly to Weifa’s analgesic portfolio. The success of our Nordic strategy depends on the commercialisation of highly innovative products which meet the needs of consumers and pharmacies.”
Ferghana Partners (New York, London, Boston) initiated these transactions and provided strategic/financial advisory services to AFT Pharma.
Weifa is Norway's leading consumer health company. Weifa supplies pharmaceutical products and lifestyle products that address the essential needs of consumers, customers and professional partners. The Company has a strong position in Norway and is the market leader there in pain relief, with well-established brands such as Paracet and Ibux, and is also present in other key consumer fields such as intimate care, dietary supplements and treatment for colds and respiratory problems. Weifa is listed on the Oslo Stock Exchange and has its head office in Oslo. In 2015, the Group had a turnover of approximately NOK 332m (after adjusting for the divestment of the B2B business in APIs).
Issued for AFT Pharmaceuticals by Dart Public Affairs
Endnote 1: IMS World Review Pack [Aug 2015] Paracetamol and Ibuprofen tablet market for Nordic countries but excluding Denmark and Iceland]