San Diego specialty biopharmaceutical company Santarus Inc. has agreed to pay $11 million upfront to Stamford’s Shore Therapeutics Inc. for exclusive rights to promote and sell Shore’s low-dose cholesterol drug Fenoglide, The San Diego Business Journal reports.
Under the deal, publicly held Santarus would also have to pay potentially millions of dollars more in royalties and milestones if Fenoglide revenues hit certain thresholds, SDBJ reports on its Web site.
The drug, previously marketed by Shionogi Inc. of Florham Park, N.J., had U.S. sales of $8.7 million for the 12 months ended Oct. 31, SDBJ reports, citing pharmaceutical consultancy IMS Health Inc. in Danbury.
