Cardiome Pharma Corp. (CRME) announced that its subsidiary, Correvio International Sàrl, has entered into an agreement with Eurolab Especialidades Medicinales de Eurofar S.R.L. to sell and distribute Brinavess in Argentina.
The financial details of the agreement have not been disclosed but Eurolab is entitled to specific annual commercial goals.
The agreement will broaden Brinavess’ potential market in Argentina. As per Scrips Insights, the Argentine pharmaceutical market was valued at $5.1 billion in 2010 and is growing at an annual rate of 29.1%.
Brinavess is approved in Europe for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults.
We remind investors that Merck (MRK) returned global marketing and development rights for both the intravenous and oral formulations of Brinavess to Cardiome in Sep 2012.
Cardiome generated sales of $6.5 million from the sale of Brinavess and its other product Aggrastat in the second quarter of 2014. Aggrastat is approved for use in patients with acute coronary syndrome.
However, sales of Aggrastat are declining in the face of generic competition. Hence, Cardiome has been making efforts to forge agreements to commercialize Brinavess in different countries to offset the decline in Aggrastat sales. The agreement with Eurolab should boost sales of Brinavess. Earlier this month, Cardiome submitted its dossier for Brinavess to authorities in France for a possible approval in the country.
Currently, Cardiome Pharma carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader healthcare sector include Allergan (AGN) and Gilead Sciences (GILD). Both carry a Zacks Rank #1 (Strong Buy).
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