MORRISVILLE, N.C.--(BUSINESS WIRE)--Oct 31, 2013--Furiex Pharmaceuticals, Inc. (NASDAQ: FURX), a drug development collaboration company, today announced it will receive a $5.0 million milestone payment from the Menarini Group for the launch of Priligy in the United Kingdom. Currently, Priligy is marketed for on-demand treatment of premature ejaculation in over 20 countries in Europe, Asia and Latin America, and is approved for that indication in over 60 countries worldwide.
In May 2012, Furiex entered into a license agreement with Menarini to commercialize Priligy in Europe, most of Asia, Africa, Latin America and the Middle East. Under the terms of the license agreement, Furiex is eligible to up to $40.0 million in sales-based milestones, plus tiered royalties ranging from the mid-teens to mid-twenties in percentage terms.
"We are pleased with Menarini’s continued success launching Priligy in the EU market,” said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex. "The United Kingdom is a key market for Priligy and we view this launch as an important step forward in building the franchise."