UPPSALA, Sweden--()--Regulatory News:
Orexo AB announces a new partnership between Orexo US, Inc. and inVentiv Health for the commercialization of Zubsolv in the US. The new partnership agreement replaces existing contracts and will become effective July 1st, 2014 and has a three year term.
In the new partnership, Orexo takes the leadership and control of all commercial functions to ensure the efficient and agile governance of the commercialization of Zubsolv. Consequently Orexo will directly employ the sales managers and take over leadership and day to day management of field-based promotional activities. The new partner inVentiv Health will take responsibility of employing and supporting the individual sales representatives.
The new partnership calls for Orexo to cover direct sales force expenses from inVentiv Health. As a consequence of the new partnership structure the expenses for the sales organization will be reported as a selling expense from the second quarter this year. There will be a limited one-time transition expense reported in the second quarter, associated with the change of partner. From the third quarter 2014, there will be no further expenses related to the previous partnership.
"With this new partnership structure Orexo will increase the control of the sales operations to ensure Zubsolv gains the attention and focus required to maximize the potential. With the new structure in place we will be able to act much more swiftly in the market and we see this as a natural next step in the evolution of Orexo and an important driver of growth" says Nikolaj Sørensen, Chief Executive Officer of Orexo AB.