Navamedic and Orion Corporation sign non-binding term sheet for Flexilev® in Europe

Orion and Navamedic have agreed to enter into a final agreement by the end of the first quarter of 2024.

“The intended agreement with Orion to market and sell Flexilev® in Europe represents a major milestone as part of the commercialization strategy for Flexilev®. Since acquiring the product earlier this year, we have identified several significant growth opportunities for Flexilev®, and this potential agreement is one that can expand Navamedic’s geographical reach outside of our core market in the Nordics. Orion has long-standing experience in the field of neurological diseases and has paved the way for Parkinson’s disease treatment in Europe, making it a strong commercial partner that matches Navamedic’s ambition for Flexilev®,” says Kathrine Gamborg Andreassen, CEO of Navamedic ASA.

Through the intended agreement, Orion will be granted the exclusive right to market, distribute and sell Flexilev® in 27 countries in Europe, including the “big five”: Germany, France, Italy, Spain and the UK. Orion will be the marketing authorization (MA) holder in their territory and assume all rights and responsibilities as the MA holder. Furthermore, Orion will be granted the right to use Navamedic’s trademarks for the product.

The intended licensing agreement will consist of a non-refundable upfront payment of 2mEUR to Navamedic, upon signature of the agreement. Additionally, Navamedic is entitled to milestone payments of up to 3.5 mEUR upon reimbursement approval in key countries, as well as royalties, and sales milestone payments. Any potential future sales-based revenues to Navamedic will be dependent upon the sales of Flexilev®.