PDI, Inc. a group which provides commercialization services for drugs said today it will promote a Novartis Pharmaceuticals Corporation product in the United States.
The agreement is for four years but as stated by PDI it is subject to early termination under certain circumstances which were not described.
We entered into this agreement with Novartis following considerable due diligence, including extensive market research and demand forecasting, said PDI's chief executive officer Michael Marquard in the statement.
The name of the product was not disclosed, however PDI said it expects this initiative will be dilutive to earnings in 2008, but accretive to earnings beginning in 2009.
PDI plans to establish 100 full-time sales representatives to promote the drug upon physicians in the U.S.
Novartis will be responsible for manufacturing, regulatory, medical, clinical development, pricing, managed care contracting and distribution of the product.
Shares of PDI, Inc. were up 2.18 percent to $8.9 a share on Friday afternoon.
Novartis shares were trading 0.51 percent up by $47.56