Cardiovascular company Medicure Inc (TSXV:MPH) (OTC:MCUJF) said on Monday that its Medicure International Inc subsidiary has acquired the ownership of ZYPITAMAG (pitavastatin) tablets from Cadila Healthcare Ltd India (Zydus) for US and Canadian markets.
This agreement grants Zydus with an upfront payment of USD5m and USD2m in deferred payments to be made over the next four years, as well as contingent payments on achievement of milestones and royalties related to net sales.
Prior to the new agreement, Medicure had acquired US marketing rights with a profit-sharing arrangement.
Through this acquisition Medicure retains all profits, with full control of marketing and pricing negotiation.
The company said ZYPITAMAG is a HMG-CoA reductase inhibitor indicated for adult patients with primary hyperlipidemia or mixed dyslipidemia as an adjunctive therapy to diet, to reduce elevated total cholesterol (TC), low-density lipoprotein cholesterol (LDL-C), apolipoprotein B (Apo B), triglycerides (TG) as well as to increase high-density lipoprotein cholesterol (HDL-C).
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