Immuron Signs Distribution Deal Worth Up to $113 Million
by RealPTC Expert
Paladin Labs Inc., a leading Canadian specialty pharmaceutical company, announced on 29th November that it has entered into a licensing and distribution agreement with Immuron Limited, an Australian-based biopharmaceutical company, under which Paladin receives the exclusive rights to market and sell Travelan(R) in Canada, Latin America (including Brazil and Mexico) and Sub-Saharan Africa (including South Africa).
Under the terms of this agreement, Paladin will pay CAD $500,000 upfront and provide a series of potential sales performance milestone payments that can total up to CAD $115 million. In addition, Immuron and Paladin have also entered into a funding agreement, subject to certain closing conditions, under which Paladin will provide up to CAD $1.5 million at a rate of interest of 10% to Immuron for the ongoing global commercialization of Travelan(R) and future product development in the form of a secured convertible debenture. Further financial details related to the agreement were not disclosed.
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