and PANAMA CITY,
June 19, 2012
The Grünenthal Group today announced that it has entered into an exclusive agreement with Horizon Pharma, Inc. (NASDAQ: HZNP), a biopharmaceutical company, for the commercialization of DUEXIS
"We are excited about strengthening our existing product portfolio in
Jose Maria Mora
, acting Executive Vice President, Grünenthal
. "The agreement with Horizon Pharma is the first strategic step for the complete coverage of the Latin American market with our pain portfolio and shows that we are an attractive partner to other pharmaceutical companies. This is very important for the long-term success of the Grünenthal business in
"As this is our first out-license of DUEXIS
outside the U.S., we are especially pleased to partner in
with Grünenthal, a worldwide leader in the promotion of pain products," said
Timothy P. Walbert
, Chairman, President and Chief Executive Officer, Horizon Pharma.
The Grünenthal Group has a long tradition and strong position in many Latin American markets. Expanding the presence in
by targeted acquisitions of companies and/or product portfolios is a key priority for this strategic development. Calculated in Euros, Grünenthal increased revenues by 14 percent in
in 2011. Based on local currencies, the revenue growth was even greater.
contributed 16 percent of the revenues in 2011, but it is the company's strategic objective to raise the share considerably to up to approx. 40 percent of the commercial revenues in the coming years.