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March 1, 2016
LONDON — Covington advised AstraZeneca on an agreement with ProStrakan Group, a subsidiary of Kyowa Hakko Kirin Co. Ltd., for the rights to Moventig (naloxegol) in the European Union (EU), Iceland, Norway, Switzerland and Liechtenstein.
Moventig is the first once-daily, oral peripherally-acting mu-opioid receptor antagonist (PAMORA) approved in Europe for the treatment of opioid-induced constipation (OIC) in adult patients who have had an inadequate response to laxative(s).
Under the terms of the agreement, ProStrakan will make an upfront payment to AstraZeneca of $70 million to acquire the rights to sell and develop Moventig in the EU, Iceland, Norway, Switzerland and Liechtenstein. ProStrakan will make additional payments contingent on market access decisions in certain European markets, and will pay AstraZeneca tiered double-digit royalties on sales as well as sales milestones. In line with AstraZeneca’s ongoing interest in Moventig globally, certain strategic decisions will be made jointly between AstraZeneca and ProStrakan in the European territory.
Working together with AstraZeneca’s in-house legal team, the Covington team was led by partners Lucinda Osborne and Gregor Frizzell, with assistance from associates Jacqueline Clover and Winsome Cheung.