Business
Crescita Therapeutics Signs Pliaglis® Out-Licensing Agreement with Cantabria Labs for Euro2.5M Upfront After Reacquiring Rest-of-World Rights
Crescita Therapeutics Signs Pliaglis® Out-Licensing Agreement with Cantabria Labs for...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics Signs Pliaglis® Out-Licensing Agreement with Cantabria Labs for €2.5M Upfront After Reacquiring Rest-of-World Rights\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLAVAL, QC, April 25, 2019\n\n\n\nLAVAL, QC, April 25, 2019 /CNW Telbec/ - Crescita Therapeutics Inc. (\"Crescita\" or the \"Company\") (TSX: CTX and OTC US: CRRTF), a Canadian commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products for the treatment and care of skin conditions, diseases and their symptoms, is pleased to announce that it has entered into a commercialization license agreement (the \"Agreement\") with Cantabria Labs, granting Cantabria Labs the exclusive rights to sell and distribute Pliaglis in Italy, Portugal, France and Spain (together the \"Territories\"). Cantabria Labs is a leading prescription dermatology company in Europe with a presence in over 80 countries. \n\n \n \n\n \nIn consideration of the rights granted under the Agreement, Cantabria Labs will make the following payments to Crescita: (i) an upfront payment of €2.5 million (approximately $3.8 million CAD), one half payable upon signing the Agreement and the remaining half payable following the first commercial sale of Pliaglis by Cantabria Labs or its affiliates; (ii) double digit royalties on the net sales of Pliaglis in the Territories; and (iii) milestones related to the launch and sales performance of Pliaglis in France, Spain and Portugal.\nIn addition, Crescita and Cantabria Labs have agreed that Cantabria Labs will transfer the manufacturing of Pliaglis to its new centre for sustainable production in Villaescusa, Spain and that Cantabria Labs will supply the product to Crescita outside the Territories.\nEffective April 1, 2019, Crescita reacquired the rest-of-world (\"ROW\") development and marketing rights for Pliaglis from its licensee, Galderma S.A. (\"Galderma\").  Crescita already owns rights to Pliaglis in the United States, Canada and Mexico which were reacquired from Galder...