Arena Pharmaceuticals Inc. announced that its wholly owned subsidiary, Arena Pharmaceuticals GmbH, has entered into an exclusive marketing and supply agreement for Belviq (lorcaserin HCl) with Teva Pharmaceutical Industries Ltd.’s local Israeli subsidiary, Abic Marketing Limited. Under the agreement, Arena granted Abic the rights to market and distribute Belviq in Israel for weight loss or weight management in obese and overweight patients, subject to regulatory approval by the State of Israel Ministry of Health (MOH).
“Founded in Israel in 1901, Teva is the leading pharmaceutical company in the Israeli market,” said Jack Lief, Arena’s president and chief executive officer. “Their local presence and proven commercialization expertise are important factors toward making Belviq available in Israel as a new treatment option for chronic weight management.”
Steadily rising obesity rates is a well-known phenomenon in western countries, and Israel is no exception. The number of overweight and obese Israelis has nearly tripled between 1967 and 2003. In 2011, the MOH estimated that approximately 48% of the population is overweight or obese.
Abic is responsible for regulatory approval and, ultimately, marketing and distribution of Belviq in Israel, including related costs and expenses. Arena will manufacture finished drug product at its facility in Switzerland, which it will sell to Abic at a purchase price equal to a percentage of Abic’s annual net sales of Belviq. In addition, Arena will receive an upfront payment, and is eligible to receive milestone payments upon regulatory submission and regulatory approval of Belviq as well as one-time purchase price adjustment payments based on Abic’s annual net sales.
Date: July 21, 2014
Source: Arena Pharmaceuticals