New agreement for AFT Pharmaceuticals means Maxigesic is now licensed in 109 countries
AFT Pharmaceuticals (AFT’) has extended its existing agreements with privately-owned Swiss headquartered multinational pharmaceutical company, Acino Pharma AG (Acino’), to out-license the product line of its patented combination painkiller, Maxigesic, to a further 11 countries.
The new countries covered by the agreement are primarily in the Commonwealth of Independent State region, namely Ukraine, Belarus, Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan, Uzbekistan and Georgia.
Earlier this year, both companies announced an out-licensing agreement covering 69 countries spanning the Middle East, Central America, and Africa.
Maxigesic consists of a patented fixed ratio of ibuprofen for anti-inflammation management and paracetamol (also called acetaminophen) for pain management. Maxigesic products will cover tablet, sachet, oral liquid, fast-dissolve and intravenous formulations.
AFT Managing Director, Dr Hartley Atkinson, says that he is pleased to announce further substantial progress towards the objectives outlined in the company’s Product Disclosure Statement issued last year.
“We had previously disclosed our target to sell Maxigesic to 100 countries in the disclosure statement. As a result of this latest partnership with Acino, we now have agreements covering 109 countries. Although we will need to complete product registrations and then commence sales in all of the countries with Maxigesic agreements, getting the commercial agreements in place is a key step in the process. We’re continuing to work hard to exceed our original target as we think there is significant international growth still to be achieved with Maxigesic.”
“It further reinforces the point that selling our products to new international markets doesn’t mean AFT has to set up our own costly operating infrastructure inside each country. Maxigesic, for example,is becoming a global product through smart partnerships with highly regarded international pharma brands.”
The market sizes covered by these territories are not well measured by IMS Health market data, but the combined populations exceed 145 million people.
Hartley Atkinson added, “We’re seeing impressive growth in territories where we have already launched Maxigesic. In the UAE, for example, sales are tracking well above initial budgets, and we’re on track to double sales in year two. The key is now getting Maxigesic launched in as many countries as possible. Working with strong partners like Acino is an important part of this strategy.”
“We see partnering as a key growth driver for Acino’s strategy and we are interested in novel products while providing our partners access to new customers in emerging markets. With AFT we found an innovative and reliable partner who is able to provide high-quality products that fit perfectly well to our portfolio and markets,” says Kalle Känd, CEO Acino Group.
Ferghana Partners (New York, London, Boston) initiated these transactions and provided strategic/financial advisory services to AFT Pharma.
Acino, a Swiss pharmaceutical company headquartered in Zurich, develops, manufactures and internationally markets well-proven and innovative pharmaceuticals in novel drug delivery forms. Acino is a leader in advanced drug delivery technologies with a focus on modified release oral forms, oral dispersible forms, transdermal systems and extended release parenterals, for which it also holds patents.
As a partner of pharmaceutical companies worldwide, Acino supplies finished in-house developed products and/or provides customized one-stop solutions from product development and registration to contract manufacturing, packaging and logistics. Under the brand “Acino Switzerland”, Acino markets Swiss-quality medicines in emerging markets with a focus on the Middle East, Africa, Russia/CIS and Latin America.