Mallinckrodt, the Pharmaceuticals business of Covidien (NYSE: COV), today announced that it has entered into a co-promotion agreement with Horizon Pharma, Inc. (NASDAQ: HZNP) to promote DUEXIS® (ibuprofen and famotidine). DUEXIS is a proprietary single-tablet combination of the non-steroidal anti-inflammatory drug ibuprofen and the histamine H2-receptor antagonist famotidine and is indicated for the relief of signs and symptoms of rheumatoid arthritis and osteoarthritis and to decrease the risk of developing upper gastrointestinal ulcers.
“This agreement represents a key component of our growing pharmaceuticals business as Mallinckrodt prepares to spin off from Covidien next year”
Under the terms of the agreement, Mallinckrodt's U.S. sales force will sell DUEXIS through December 31, 2014. Horizon and Mallinckrodt have agreed upon physician promotion targets and Mallinckrodt will be compensated for each prescription generated from these targets. The Mallinckrodt sales force is expected to begin promoting DUEXIS to physicians in August 2012. Horizon will continue to record all revenues and remain responsible for DUEXIS manufacturing, supply and regulatory activities.
"This agreement represents a key component of our growing pharmaceuticals business as Mallinckrodt prepares to spin off from Covidien next year," said Mark Trudeau, President, Pharmaceuticals. "We are leaders in pain management, and adding DUEXIS to our portfolio will further advance our efforts to help patients manage the often-debilitating impact of pain. We look forward to working with Horizon and providing DUEXIS to our customers."