By IB Times Staff Reporter: Subscribe to IB's RSS feed
August 31, 2010 9:39 AM EDT
Specialty pharmaceutical company BTG Plc on Tuesday said it has signed an agreement with Nycomed US Inc to sell the latter's CroFab (Crotalidae Polyvalent Immune Fab (Ovine)), an antivenom, and DigiFab (Digoxin Immune Fab(Ovine)) with effect from October 1, 2010 to treat patients with digoxin toxicity or overdose.
The company said it will pay Nycomed up to $16.6 million to gain access to the latter's market data and customers, besides facilitating a transition of sales, marketing, promotion and distribution functions to BTG.
However, BTG expects the final payment to be $14.5 million depending on Nycomed's sales before September 30, when the contract to distribute its products exclusively in the US expires.
BTG said Nycomed will continue to hold rights to sell its remaining product inventories for another six months.
The company said it expects to incur an exceptional operating expense of around 9 million pounds for the year.
BTG expects its current year revenue to be in the range of 93 million pounds to 97 million pounds and said it expects this agreement to be slightly earnings enhancing.
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It expects its cash position for the year to be in line with its previous expectations in the range of 45 million pounds to 50 million pounds.
"We are very pleased to have reached an greement with Nycomed to ensure continuity of product supply, a smooth and accelerated transition of the marketing rights for CroFab and DigiFab to BTG and clarity for customers that from October 1 we will be the sole supplier of these life-saving products," said chief executive Louise Makin in a statement.
Digoxin toxicity is a poisoning that occurs when excess doses of digoxin (digitalis) are consumed acutely or over an extended period of time resulting in fatigue, nausea/vomiting, changes in heart rate and rhythm, loss of appetite (anorexia), diarrhea, visual disturbances (yellow or green halos around objects), confusion, dizziness, nightmares, agitation, and/or depression.
At 10:17 BST, shares of BTG Plc were down 1.65 percent at 202.2 pence on the London Stock Exchange.
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