Javelin Pharmaceuticals, Inc. announced today that it has signed an exclusive European marketing partnership for Dyloject(R) (diclofenac sodium for injection) with Therabel Pharma N.V. (”Therabel”). The contract could be worth up to $71 million in upfront, sales, and regulatory milestone payments plus a double digit royalty on future sales.

“Partnering Dyloject in Europe bolsters our financial resources and extends our cash until 2010 before achieving future milestones and potential additional product partnerships. We are retaining significant upside in Dyloject’s future EU growth with a high quality marketing partner while eliminating our European commercialization expenses,” stated Martin Driscoll, Javelin’s CEO.

He continued, “We are excited to be partnering with Therabel, with their demonstrated market success in hospital sales and pain management products in the EU. We believe Therabel will accelerate market uptake for Dyloject in the U.K. and will assure future growth as Therabel introduces the product in key countries throughout the European Union.”

According to the press release, Javelin will receive approximately $12 million in upfront cash payments, and up to $59.5 million in sales and regulatory milestones. Additionally, Javelin will earn a double digit royalty on future net sales of Dyloject in all countries included by the agreement.