Santarus, Inc. (SNTS: Quote) said Wednesday that it has entered into an exclusive license agreement with Shore Therapeutics, Inc. to commercialize FENOGLIDE Tablets 40 mg and 120 mg in the U.S.
FENOGLIDE is indicated as an adjunct to diet to reduce elevated low-density lipoprotein-cholesterol, total cholesterol, triglycerides and apolipoprotein B, and to increase high-density lipoprotein-cholesterol in adult patients with primary hyperlipidemia or mixed dyslipidemia. FENOGLIDE also is indicated as an adjunct to diet for treatment of adult patients with hypertriglyceridemia.
FENOGLIDE has U.S. sales of $8.7 million for the 12 months ended October 31, according to IMS Health. FENOGLIDE was previously promoted by Shionogi Pharma, Inc. from February 2008 to August 2010 and according to IMS Health achieved peak U.S. sales of approximately $23 million for the 12 months ended August 31, 2010. Shore Therapeutics subsequently promoted FENOGLIDE through a small part-time contract sales force.
Under the terms of the license agreement, Santarus will pay Shore an $11 million upfront fee and tiered royalties on net sales of FENOGLIDE.
Santarus also will have to pay one-time, success-based milestones of $2 million if calendar year net sales equal or exceed $20 million and $3 million if calendar year net sales equal or exceed $30 million.
Additionally, Santarus affirmed its financial outlook for 2011, which calls for revenue of at least $115 million and net income of bout $3 million. Analysts polled by Thomson Reuters currently expect the company to earn $0.07 per share on revenue of $116.49 million for the full year 2011.
Santarus also introduced its financial outlook for full year 2012, saying it expects revenue of about $200 million and net income of $8 million to $11 million. Analysts currently expect the company to earn $0.25 per share on revenue of $178.56 million for 2012.
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by RTT Staff Writer
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