The exclusive licence agreement will provide Myovant with upfront payment worth $50Mn and makes it eligible for a total $90.5Mn funding for commercial launch, sales, and other milestones
Myovant Sciences and Accord Healthcare have reportedly inked an exclusive license agreement enabling the latter to commercialize relugolix under the trade name ORGOVYX® across the United Kingdom, European Economic Area, and Turkey.
The agreement over ORGOVYX® - developed to treat advanced hormone-sensitive prostate cancer – offers the right of first negotiation in case Myovant plans to enter into licensing deals in countries across Africa, Middle East, and in India.
Speaking on the agreement, David Marek, Chief Executive Officer of Myovant, stated that joining forces with Accord will help it introduce the first ever oral androgen deprivation therapy to treat men suffering from advanced hormone-sensitive prostate cancer in Europe.
With Accord’s longstanding commitment to oncology and its proven commercial capabilities, the healthcare company will amplify the launch to extend reach to patients with unmet needs.
Binish Chudgar, Managing Director of Accord quoted that the company – with current supplies accounting for 1 in 3 injectable oncology treatment given in Europe - would add ORGOVYX® to its specialty brand offerings currently available in the European market.
The latest agreement underpins Accord’s commitment to help cancer patients and continued investments in the development of novel therapies.
Chudgar added that more than 1.9 million European men suffer from prostate cancer, making perfect sense for the company to partner with Myovant and provide a new advanced oral treatment for men with hormone-sensitive advanced prostate cancer.
As per the terms of agreement, Myovant will be granted with $50 million upfront and would be eligible for commercial launch, sales-based, and other growth milestones adding to a total of $90.5 million along with stacked royalties from late-teens to mid-twenties on net supply to Accord.
Meanwhile Accord will be responsible for commercialization across its territories, select local clinical development and will also be able to manufacture relugolix in the future if it chooses to do so.