Mayne signs export deals
August 12, 2013
Australian pharmacy exports
will expand under two new
European distribution agreements
announced on Friday by Mayne
Pharma Group Limited.
The deals cover Mayne’s
SUBACAP, an improved formulation
of itraconazole which is used to
treat fungal infections.
According to Mayne, the
conventional formulation of oral
itraconazole suffers from “poor
and unpredictable bioavailability”
which is frustrating to prescribers,
while SUBACAP capsules are a key
innovation with about double the
bioavailability and significantly
reduced variability.
Glenmark, a “globally integrated
pharmaceutical company” will
market the product in the United
Kingdom, while southern European
dermatology company ISDIN will
sell it in Spain, Italy and Portugal.
Mayne said the execution of
these agreements follows “an
extensive search and selection
process for partners that have
the infrastructure, know-how
and track record to successfully
commercialise SUBACAP.”
Under the arrangements Mayne
Pharma will receive upfront
payments, milestone payments
on meeting certain market launch
hurdles, and a percentage of the
net sales in each country.
The product will be manufactured
for both distributors at its South
Australian manufacturing facility.
Product launch is expected to
occur by the end of this year in
the UK, early in 2014 for Spain
and by the end of 2014 for Italy
and Portugal, and when launched
SUBACAP will adopt local brand
names, including Lozanoc, to
maximise product recall with
prescribers and pharmacists.
Mayne Pharma CEO Scott
Richards said the four countries
represent US$40m per annum in
itroconazole sales, which is over
half the European market and 8%
of the global market.
“Both distribution partners have
established sales forces which
call on a range of specialists that
prescribe itraconazole including
dermatologists, gynaecologists as
well as GPs”.
Mayne is also continuing to
progress the commercialisation
of SUBACAP in other markets,
including Japan and the USA which
currently represent 41% of the
global $490m itraconazole market.
“The Company is also in late stage
discussions with a partner in Korea,
the fourth largest itraconazole
market globally,” Richards said.
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