The company has signed an exclusive license agreement with Cipher Pharmaceuticals for MOB-015 in Canada.
Cipher will commercialize MOB-015 in Canada upon completed phase 3 studies and registration. Under the agreement, Moberg Pharma is eligible to receive USD 14.6 million in one-time payments and milestones, as well as royalties on net sales in Canada. Moberg Pharma will supply the product and Cipher will be responsible for marketing, distribution and sales in Canada, upon completed clinical studies and registration of the product.
A key step
“The license agreement with Cipher Pharmaceuticals is a key step in preparing the global launch of MOB-015 and it confirms the significant market potential for our product. Cipher has excellent capabilities to make MOB-015 a success in Canada. We look forward to this exciting partnership and continue to progress commercialization plans in other key markets as we approach Phase 3 results”, says Peter Wolpert, Moberg Pharma’s CEO.
Under the terms of the licensing agreement, Moberg Pharma will receive development and regulatory milestones totaling USD 4.6 million, whereof USD 0.5 million is an up-front fee at the time of signing. Pending commercial targets, Moberg Pharma is entitled to further milestone payments of USD 10 million as well as royalties and supply fees for products delivered, enabling an industry standard gross margin for Cipher.
The Canadian market for onychomycosis prescription drugs amounted to CDN 58 million in 2017, 72% of which were topical drugs, growing steady at 18.3% in 2017 and at a CAGR of 25.4% for the period 2014-2017.
Photo of Peter Wolpert, CEO, Moberg Pharma