Furiex Pharmaceuticals announced Monday that it has reached an agreement to acquire the worldwide rights to Priligy, a drug that is currently marketed for treatment of premature ejaculation in 43 countries.
The Morrisville company also announced it has agreed to license the rights to Priligy in Europe, most of Asia, Africa, Latin America and the Middle East to the Menarini Group. Furiex will retail full development and commercialization rights in the U.S., Japan and Canada.
Furiex is acquiring the worldwide rights from Alza Corp. and Janssen Pharmaceutica, N.V. Under the deal, Janssen will continue to manufacture the drug for a period after the signing of the agreement.
Furiex is obligated to pay $15 million to Alza over the transition period, and possibly as much as $5 million more in clinical study costs and other expenses. The transition period is expected to be between 9 and 12 months.