O4CP will be responsible for obtaining market authorizations and for manufacturing of drug product. Sobi will be accountable for the commercialization of the product on a global basis. The agreement includes an upfront payment by Sobi in the amount of 300 000 Euro and potential future milestones of a value up to approximately 1.7 million Euro. O4CP will also receive royalties on future commercial sales.
"We are pleased to enter into this partnership with O4CP to further the development of an important potential therapy for neonates. Sobi is committed to innovations in the pediatric and neonatal areas where there remains a high degree of unmet need for medicines specifically developed for these patients. The partnership with O4CP around bumetanide is an important step for us and will provide a perfect complement to Kiobrina® in the future," says Geoffrey McDonough, CEO of Sobi.
"Sobi understands the value of bringing medicines to neglected populations. The company has a strong market organization and global ambitions, and is therefore a perfect partner for us. The agreement will secure that this important treatment for neonates will reach the market," says Vincent Grek, President of O4CP.