Vanda Pharmaceuticals Enters into an Exclusive License Agreement with Biotoscana Farma S.A. for Commercialization of Fanapt TM in Argentina.
ROCKVILLE, Md., August 1, 2011 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced its exclusive license agreement with Argentina-based Biotoscana Farma S.A., a wholly owned affiliate of Biotoscana International, based in Bogota, Colombia, for the commercialization of Fanapt TM in Argentina.
"We are very excited to achieve this step on the path towards making Fanapt TM available in Argentina and we are very pleased to have Biotoscana as our commercial partner," said Mihael H. Polymeropoulos, M.D., Vanda's Chief Executive Officer. "This marks another important milestone for the Fanapt TM brand as we continue to grow our presence with Fanapt TM in Latin America," added Dr. Polymeropoulos. Biotoscana's co-founder and CEO, Ricardo Munoz Ridau, stated, "We are very pleased to partner with Vanda in Argentina with Fanapt TM. Our recently submitted regulatory filing for marketing authorization for Fanapt TM marks the first step in the process towards the commercial launch of FanaptTM in Argentina."
Under the terms of the agreement, Biotoscana will seek regulatory approval for Fanapt TM in Argentina. Vanda will supply Biotoscana with Fanapt TM drug product for packaging and sale and Biotoscana's CNS specialty sales force will promote Fanapt TM to psychiatrists in Argentina.
With over $5 billion in annual sales, Argentina is the 4th largest pharmaceutical market in Latin America.(1)
(1) Source, IMS/MIDAS, CID Latina
About Biotoscana S.A. and Biotoscana Farma S.A.
Biotoscana International ("Biotoscana") is a privately owned company formed in Colombia in 1995. Through a number of strategic company acquisitions and growth through global licensing partnerships, today Biotoscana is a multinational pharmaceutical company with operating affiliates throughout Latin America, including Colombia, Chile, Argentina, Venezuela, Peru, Ecuador, Central America and the Caribbean. Biotoscana Farma S.A. was formed in Argentina in 2010. For more on Biotoscana S.A., please visit http://www.biotoscana.com/.
About Vanda Pharmaceuticals Inc.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders. For more on Vanda Pharmaceuticals Inc., please visit http://www.vandapharma.com/.