Shire and Hydromed Sciences Realign Agreement for the Development and Marketing of Histrelin for Prostate Cancer
Shire Pharmaceuticals Group plc (LSE: SHP.L, NASDAQ: SHPGY, TSE: SHQ) announced an agreement with New Jersey based HydroMed Sciences, Inc. to realign their arrangement for the development and licensing of the Histrelin implant, a long-acting LHRH-hydrogel implant under late-stage investigation for the treatment of prostate cancer.
Under the terms of the realigned agreement, HydroMed will be responsible for concluding the Phase III development, filing for regulatory approval and production of the implant, while also gaining marketing rights in the US. Shire retains an option to market and distribute the product outside the US and would be entitled to royalties on US sales and on sales in those markets where Shire does not exercise this option. Further terms of the transaction were not disclosed.
Rolf Stahel, Chief Executive of Shire, said: ?This renegotiated agreement reflects the best future interests of both parties.?
Dr David S Tierney, HydroMed's President and CEO, noted: "The Histrelin implant employs our Company's patented and proprietary Hydron? Implant technology and today's announcement represents a significant milestone, because it enriches our product development program and substantially enhances our longer term growth prospects."
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