Shares of RedHill Biopharma were up 2% Wednesday morning after the company together with Canadian drug discovery firm IntelGenx sealed an deal with Pharmatronic to commercialize Rizaport in South Korea.
Rizaport is an oral thin formulation of rizatriptan indicated for the treatment of acute migraines.
Under the terms of the deal, RedHill granted Pharmatronic exclusive rights to register and market the treatment in South Korea. RedHill said it and IntelGenx are entitled to receive an upfront payment and additional milestone payments based on meeting certain regulatory and commercial targets, as well as tiered royalties.
The company expects commercial launch in South Korea to take place in Q1 2019 and that the initial term of the agreement with Pharmatronic will run for ten years from the date of first commercial sale with an automatic renewal for an additional two years.
RedHill senior vice president of business development and licensing Adi Frish said, “this agreement for South Korea follows our recent commercialization agreement with Grupo JUSTE S.A.Q.F for Spain. We continue working diligently together with our partner IntelGenx to bring this unique migraine drug to additional markets and expect to re-submit the RIZAPORT NDA to the FDA in the first half of 2017.”