Osteologix, Inc. through its wholly owned Irish subsidiary Osteologix Limited and the Servier Research Group, a leading French independent pharmaceutical company, today announced that Osteologix has granted Servier an exclusive royalty bearing license to develop and commercialize NB S101 (strontium malonate) to treat post menopausal osteoporosis, other bone and joint disorders and dental indications worldwide, except in the U.S. NB S101 is an innovative molecule acting on both bone formation and bone resorption .
Under the terms of the agreement, Osteologix will receive up to $12 million in upfront and milestone payments .
Additionally, Osteologix is eligible to receive up to ?30 million in minimum royalty payments creditable against mid to low single digit royalties on sales. Osteologix will also be eligible to receive milestone payments and royalties on product development and sales in Japan. The agreement is subject to customary termination provisions .
Servier will be responsible for all costs outside of the U.S . associated with development, regulatory approval and commercialization of NB S101. Osteologix will continue to own intellectual property rights for development in the U.S .
Philip J. Young, Osteologix’ President and Chief Executive Officer commented, “I am very happy that we have been able to reach agreement on this important collaboration. This endorsement from one of the top Pharmaceutical Companies worldwide is appropriate recognition for NB S101 and its value in treating osteoporosis. Servier is consistently recognized as a benchmark for excellence in the pharmaceutical industry, having received multiple industry accolades for its attention to patients’ and doctors’ needs, and successful clinical development of ‘first in class’ innovations. We fully expect this history of excellence to continue, as they prepare for the commercial launch of NB S101.” Emmanuel Canet, M.D., Ph.D., Head of Servier Research and Development, stated, “We are very pleased with this collaboration which will allow us to further develop our franchise in osteoporosis and other bone & joint diseases that affect millions of patients worldwide with much suffering and disability. Osteoporosis in particular is a serious public health problem that requires effective and well tolerated treatments in order to significantly decrease the risk of vertebral and hip fractures.”