Santarus Inc, a specialty pharmaceutical company, agreed to grant exclusive rights to GlaxoSmithKline for prescription and over-the-counter immediate-release omeprazole products in a number of markets.
Under the license agreement, GSK will be responsible for the development, manufacture and commercialization of licensed products in up to 114 countries, excluding the U.S., Europe, Australia, Japan and Canada. It also agreed to distribute and sell ZEGERID brand prescription products in Puerto Rico and the US Virgin Islands.
GSK will pay Santarus an $11.5 mln usd upfront fee and tiered double-digit royalties. To support GSK's initial launch costs, Santarus will waive the first $2.5 mln usd of royalties.
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