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Teva Pharmaceutical Industries Ltd.
Drug Names(s): beclometasone dipropionate (BDP) HFA, QNASL (intranasal), Qnaze (intranasal)
Description: Qvar is a twice daily, inhaled formulation of the steroid beclomethasone dipropionate, delivered by a metered dose inhaler using a hydrofluoroalkane (HFA) propellant. HFA is being used to reduce chlorofluorocarbons (CFC) for environmental reasons. Steroids reduce airway inflammation.
Qnaze/Qnasl are the names for the product in development for the treatment of seasonal allergic rhinitis.
Deal Structure: On April 22, 2002, IVAX (now Teva) obtained exclusive US rights from 3M for QVAR (beclomethasone dipropionate, a corticosteroid in an non-CFC, HFA inhaler), as well as a non-exclusive worldwide license to certain 3M patents covering HFA formulations of various asthma drugs. The total consideration due from IVAX was $105.0 million, of which $21.0 million was to be paid on the effective date, $20.0 million on the first anniversary, $30.0 million on the second anniversary, $25.0 million on the third anniversary and $5.0 million on the fifth anniversary upon exercise of an option to purchase the US QVAR trademark. IVAX was entitled to reduce the purchase price by $4.0 million for required pediatric trials.
On July 16, 2003, IVAX Pharmaceuticals (now Teva) and 3M confirmed the signing of an agreement in which IVAX agreed to assume exclusive rights to 3M's hydrofluoroalkane (HFA) beclomethasone and salbutamol brands and devices in nine European countries. Under the terms of the...See full deal structure in Biomedtracker
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