Ad-hoc Announcement pursuant to Article 15 of the German Securities Trading Act (WpHG)

Sanochemia out licenses distribution rights for Agileo^® (tolperisone) in Turkey

 

Vienna, 26 February 2010 – Sanochemia Pharmazeutika AG, Vienna, listed in the Prime Standard of the Frankfurt Stock Exchange (ISIN AT0000776307) and the Turkish pharmaceuticals company EPI Eczacibasi Ilac Pazarlama A.S. ("EIP") have signed an exclusive agreement relating to the marketing and sale of Agileo^® (tolperisone) in Turkey. Tolperisone is a muscle relaxant further developed by Sanochemia for the treatment of spasticity associated with neurological disorders such as stroke and multiple sclerosis.

EIP, one of the largest pharmaceutical companies in Turkey, belongs to the Eczacibasi Group with a combined net turnover of $ 3 billion (2008).  EIP, with a nationwide presence, has extensive experience in the area of neurology and will initiate marketing activities in Turkey following the drug’s registration, which is expected in 2011. With a population about 73 million inhabitants, Turkey is a so-called emerging market with above-average growth. The sales potential in the entire Turkish muscle relaxant market is approximately € 90m (2008) and has increased by more than 30% in recent years. The estimated sales volume for Sanochemia’s dosage form can therefore be expected to be between five and ten million euros in the mid term.

Agileo^®, an innovative further development by Sanochemia of the active pharmaceutical ingredient (API) tolperisone, is already enjoying success on the market in Germany (as Viveo^®) and Switzerland. Sanochemia submitted applications for marketing authorisation in other European countries in 2009.

 

Details of the licensing agreement

This agreement assigns EIP the exclusive marketing and sales rights to Sanochemia’s proprietary tolperisone formulation Agileo^® in Turkey.

In return, Sanochemia will receive milestone payments beginning from the point in time that the contract is signed. Further payments will follow in steps between the anticipated awarding of marketing authorisation through to the launch of the product. Under the terms of the agreement, Sanochemia will be responsible for the GMP-conform production of the API and supply the finished formulation to EIP for the entire term of the agreement. 

Sanochemia’s CEO, Werner Frantsits, sees this out-licensing agreement as the beginning of a successful partnership to market Agileo^® (tolperisone) which will make regular contributions toward the Company’s growth and profitability in the years ahead.

 

Agileo^® (tolperisone) as the key to efficient spasticity treatment

Tolperisone is a muscle relaxant for the treatment of neuromuscular spasms. The term spasticity refers to permanently cramped muscles. This is caused by disorders affecting the neural pathways. Spasticity can be associated with congenital or acquired neurological disorders such as multiple sclerosis (MS) or as a consequence of strokes. Muscle relaxants such as tolperisone are used to treat both painful muscular tension and spasticity.

Excellent benefit and safety profile: In contrast to other muscle relaxants, tolperisone has a muscle-relaxing effect without accompanying side effects such as sedation, impaired coordination, weakness, states of confusion or withdrawal symptoms.

 

For further information please contact:

Margarita Hoch

Investor Relations 
Tel.: +43 / 1 / 3191456 / 335
Fax:  +43 / 1 / 3191456 / 344 

m.hoch(at)sanochemia.at