Home » News » 02/06 » Elan Pharma and Eisai in $100m rights deal

Elan Pharma and Eisai in $100m rights deal

Date published: 10/02/2006

Ireland's Elan has agreed to sell its European rights for Prialt (ziconotideto) to Eisai. The deal for the severe chronic pain treatment will see Eisai pay up to $100 million, with $50 million being paid on the closing of the agreement plus $40 million paid out on meeting revenue milestones.

Elan president and chief executive Kelly Martin said: "Prialt is a highly innovative, approved, intrathecal analgesic for patients suffering from severe chronic pain. "Patient need in this area remains significant given that there have not been any meaningful therapeutic advances in this area for more than two decades. We are delighted that this transaction will enable Eisai to offer this new therapy to patients throughout Europe."

He added: "Elan will continue to market Prialt in the US and we look forward to working closely with Eisai on providing patients with a unique and effective choice in the treatment of severe chronic pain." Prialt was granted marketing approval form the European Commission in February 2005 and has been awarded orphan drug status in the European Union. Last year it produced revenue of $6.3 million.

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