LINCOLNSHIRE, Ill. BioSante Pharmaceuticals announced Thursday that it had signed an agreement with Azur Pharma to market the menopause drug Elestrin.
Elestrin, known generically as estradiol gel, treats moderate-to-severe hot flashes in menopausal women. Under the terms of the agreement, BioSante received $3.325 million for transfer of the Elestrin trademark and inventories. BioSante may receive up to $144.5 million in milestone payments. Azur will also pay BioSante 10 to 20 percent of royalties from sales of Elestrin, depending on the annual sales level.
“We are excited to sign this agreement with Azur,” BioSante president and chief executive Stephen Simes said in a statement. “We believe Azur has excellent, established relationships with the leading U.S. gynecological practitioners who write the majority of estrogen prescriptions.”