- Medical Developments International (MVP) is preparing to take back the distribution rights for its Penthrox drug from global pharmaceutical provider Mundipharma
- In preparation for the handover, the company has already established a legal and corporate structure in Europe and has contracted pharmacovigilance and regulatory service provider
- Alongside the distribution rights, Mundipharma is also handing over its marketing authorisations to allow MVP to assume sales and distribution control on March 1, 2021
- MVP also noted that, despite declining sales of the drug this year, its partner in the U.K and Ireland, Galen, has recently received an initial order of Penthrox from Northern Ireland Ambulance Services Trust
- Medical Developments International (MVP) closed 1 per cent down for $6.92 per share
Medical Developments International (MVP) is preparing to take back the distribution rights for its Penthrox drug from global pharmaceutical provider Mundipharma.
Mundipharma recently ceased a distribution deal for the drug, which sent MVP share down in late October. With the deal coming to an end, MVP is now in the process of re-acquiring the EU distribution rights for the drug and is setting the ground work in preparation.
Penthrax is a fast-acting non-opioid pain relief drug used by emergency departments and ambulance services.
Sales of the drug have notable dipped this year, due to the indirect impacts of the COVID-19 pandemic.
Improving community health initiatives under the pandemic have led to a milder than usual cold and flu season, impacting the immediate need for the drug, while widespread lockdown measures have reduced the need for ambulances services, a key market for fast-acting pain relief pharmaceuticals.
Despite the drop in sales, MVP was quick to point out that its partner in the U.K and Ireland, Galen, has recently received an initial order of Penthrox from Northern Ireland Ambulance Services Trust.
In preparation for the rights handover, the company has already established a legal and corporate structure in Europe and has contracted pharmacovigilance and regulatory service providers. The company has also secured in-market operational infrastructure related to importation and logistics.
Alongside the distribution rights, Mundipharma is also handing over its marketing authorisations to allow MVP to assume sales and distribution control on March 1, 2021.
Newly appointed CEO Brent MacGregor said Europe will be the primary focus of the company over the coming year.
“The opportunity in the EU remains strong and we’re revisiting our execution strategy, assessing and building on the foundation work done by Mundipharma, including determining where we can deploy a direct or hybrid selling model which brings enhanced control and margin,” he added.
Brent went on to address the challenges facing the Penthrox sales under the pandemic.
“We are looking past these challenges. We expect to see a recovery in Australian sales in the coming months and will build infrastructure for the global growth of Penthrox. The transition arrangements in the EU are progressing well and additional rollouts into unlaunched markets will occur in 2021,” he said.
Medical Developments International (MVP) closed 1 per cent down for $6.92 per share.