Egalet Corporation (Nasdaq: EGLT) ("Egalet"), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions, today announced a collaboration agreement with Teva Pharmaceutical Industries Ltd. ("Teva"), a leading global pharmaceutical company. With this agreement, Egalet granted Teva exclusive marketing and commercialization rights to SPRIX (ketorolac tromethamine) Nasal Spray in Israel, Gaza and the West Bank. Teva, a leader in the commercialization of central nervous system (CNS) products, including many in pain management, will be responsible for registering, marketing, distributing and selling SPRIX Nasal Spray in these territories. Under the terms of the agreement, Egalet will receive an undisclosed upfront payment, sales-based milestones and will share in the profits from net sales of SPRIX in these territories.
"This partnership showcases both companies' commitment to delivering effective, unique pain medicines and leverages the regional commercial expertise of Teva," said Bob Radie, president and chief executive officer of Egalet. "Our agreement with Teva represents a significant milestone for our company as it is our first distribution agreement outside the U.S. for SPRIX Nasal Spray and the first step to expanding the global reach of our commercial products. We will continue to seek out these types of collaborations so that we can deliver our novel treatment options to patients across the globe."
SPRIX Nasal Spray is a non-steroidal anti-inflammatory drug (NSAID) indicated in adult patients for the short-term (up to five days) management of moderate to moderately severe pain that requires analgesia at the opioid level. For full prescribing information on SPRIX, including the Boxed Warning, please visit sprix.com.