Ipsen signs partnership with Photocure and GE Healthcare to commercialise Hexvix

Ipsen has announced a partnership with Photocure to commercialise Hexvix, hotocure’s flagship product for the diagnosis and resection of bladder cancer, worldwide with the exception of the United States of America and the Nordic region. Hexvix, initially approved in Sweden in 2004, was approved across Europe by 2006 and in the US in 2010. Since 2006, the product has been commercialized in Europe by GE Healthcare. Under the agreement Ipsen will pay Photocure and GE Healthcare an upfront payment of €19 million and manufacturing milestones to Photocure of €5 million. Ipsen will also pay royalties on net sales and milestones on specific sales achievements. In addition, Photocure will manufacture the product for Ipsen and, in 2012 and 2013 will invest with Ipsen in marketing and sales programs up to €3 million to drive momentum and accelerate the sales growth of Hexvix. Detailed financial terms are not disclosed.