London, 4 February 2013 –Hikma Pharmaceuticals PLC (“Hikma”) (LSE: HIK) (NASDAQ Dubai: HIK) today announces the signing of a licensing and distribution agreement with EffRx Pharmaceuticals SA for Binosto®, its innovative osteoporosis medication, for the Middle East and North Africa (“MENA”) region. Binosto® is the first and only buffered solution for the treatment of osteoporosis, delivering fracture-risk reduction and offering the potential to improve adherence to therapy.
Under the terms of the agreement, Hikma will have the exclusive rights to register, market and distribute Binosto® in 19 countries across MENA. The agreement will leverage Hikma’s strong local presence and regulatory expertise in MENA, with over 1,600 sales and marketing reps across the region.
Binosto® was developed by EffRx through an agreement with Merck & Co, Inc. granting EffRx the worldwide rights to all effervescent and related patents of Fosamax® (alendronate). Patents have been granted to EffRx providing exclusivity for Binosto® through February 2023. Additional patents are pending. Binosto (buffered alendronate sodium 70mg) is an effervescent tablet for oral solution and has recently been approved in the United States, Europe and Australia for the treatment of osteoporosis in postmenopaUSl women. In the United States it is also approved for the treatment of men with osteoporosis to increase bone mass.
Osteoporosis is a serious and often debilitating disease affecting more than 200 million people worldwide. It is expected to become a growing problem in the MENA region as the population ages. Efficacious and convenient treatments for patients at high risk of bone fractures are necessary to avoid disability and deaths and to minimise healthcare costs. This agreement will enable patients in the MENA to benefit from an innovative, safe and easy-to-use medication.
Mazen Darwazah, Hikma’s Vice-Chairman and CEO of MENA said, "We are pleased to be licensing this excellent product from EffRx. The agreement supports our strategy to continue working with global partners to strengthen our product portfolio in growing therapeutic categories, including women’s health. Hikma is committed to bringing a broad range of high-quality, pharmaceutical products to patients in MENA."
Christian Rosén, Chairman and CEO of EffRx Pharmaceuticals said, "We are thrilled to announce this partnership with Hikma, a company who we believe to be an ideal partner for EffRx in MENA. We believe Hikma’s well-established sales force across the region can drive Binosto® to a market leadership position and we are extremely proud to have Hikma as a partner."