POZEN Inc. (NASDAQ: POZN), a pharmaceutical company committed to transforming medicine that transforms lives, today announced that AstraZeneca AB and Horizon Pharma USA, Inc. (NASDAQ: HZNP) have entered into an agreement for Horizon to acquire the U.S. rights for VIMOVO ® (naproxen / esomeprazole magnesium) delayed release tablets. Under the terms of the agreement, POZEN will continue to receive a 10% royalty on Net Sales of products sold in the United States, with guaranteed annual minimum royalty payments of $5 million in 2014, and $7.5 million each year thereafter, provided that the patents owned by POZEN which cover VIMOVO ® are in effect and no generic forms of VIMOVO ® are on the market. Also under the agreement, Horizon has assumed AstraZeneca’s right to lead the on-going Paragraph IV litigation for VIMOVO ® and will assume all patent-related defense costs relating to such litigation, including reimbursement for a specified amount of the cost of counsel retained by POZEN. AstraZeneca will continue to have rights to commercialize VIMOVO ® outside of the United States.
“We are very pleased that Horizon will take over the sales and marketing of VIMOVO ® in the United States,” said John R. Plachetka, Pharm.D., Chairman, President and Chief Executive Officer of POZEN. “As evidenced by their experience in the osteoarthritis market, we believe that the management team and the employees of Horizon are uniquely qualified to significantly increase sales of VIMOVO ®. We also extend our gratitude to AstraZeneca for their role in making this transaction possible, and for their continuing efforts to maximize the commercial potential of VIMOVO ® outside the U.S.”
POZEN will host a webcast to discuss the Horizon Pharma USA, Inc. agreement on Tuesday, November 19, 2013 at 11:00 a.m. (ET). The webcast can be accessed live and will be available for replay at www.pozen.com.About POZEN POZEN Inc. is a small pharmaceutical company that specializes in developing novel therapeutics for unmet medical needs and licensing those products to other pharmaceutical companies for commercialization. By utilizing a unique in-source model and focusing on integrated therapies, POZEN has successfully developed and obtained FDA approval of two self-invented products in two years. Funded by these milestones/royalty streams, POZEN has created a portfolio of cost-effective, evidence-based integrated aspirin therapies designed to enable the full power of aspirin by reducing its GI damage.