Mallinckrodt Pharmaceuticals and Zogenix to End Co-Promotion Agreement
Decision allows company, sales team to focus on current and future products
ST. LOUIS--(BUSINESS WIRE)-- Mallinckrodt (MNK) (NYSE: MNK) today announced a mutually-agreed upon end of the companys co-promotion agreement with Zogenix (ZGNX). The co-promotion agreement covered SUMAVEL® DosePro® (sumatriptan injection), a prescription medicine given with a needle-free delivery system to treat adults who have been diagnosed with acute migraine or cluster headaches. Mallinckrodts promotion of SUMAVEL DosePro will end January 31, 2014.
The end of our co-promotion agreement with Zogenix will allow our field sales team to focus on promoting our current and future products in the pain space, said Mark Trudeau, Chief Executive Officer and President, Mallinckrodt. We have enjoyed a successful collaboration with Zogenix and wish them continued success with their products.
Mallinckrodt and Zogenix entered into the co-promotion agreement June 7, 2012. Under terms of the agreement, Mallinckrodts U.S. sales force sold SUMAVEL DosePro to its customer base of prescribers. Zogenix continued to record all product revenues and Mallinckrodt was compensated based on a percentage of net sales from prescriptions generated by Mallinckrodt. The original agreement was to have run through June 30, 2014.
Mallinckrodt is a global specialty pharmaceutical business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. The companys Specialty Pharmaceuticals segment includes branded and generic drugs and active pharmaceutical ingredients, and the Global Medical Imaging segment includes contrast media and nuclear imaging agents. Mallinckrodt has approximately 5,500 employees worldwide and commercial presence in roughly 70 countries. The companys fiscal 2013 revenue totaled $2.2 billion. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Any statements contained in this communication that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about future financial condition and operating results, economic, business, competitive and/or regulatory factors affecting our business. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or Company actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, our ability to receive procurement and production quotas granted by the U.S. Drug Enforcement Administration, our ability to obtain and/or timely transport molybdenum-99 to our technetium-99m generator production facilities, customer concentration, cost-containment efforts of customers, purchasing groups, third-party payors and governmental organizations, our ability to successfully develop or commercialize new products, our ability to protect intellectual property rights, competition, our ability to integrate acquisitions of technology, products and businesses, product liability losses and other litigation liability, the reimbursement practices of a small number of large public or private issuers, complex reporting and payment obligation under healthcare rebate programs, changes in laws and regulations, conducting business internationally, foreign exchange rates, material health, safety and environmental liabilities, litigation and violations, information technology infrastructure and restructuring activities. These and other factors are identified and described in more detail in the Risk Factors section of Mallinckrodts Annual Report on Form 10-K for the fiscal year ended September 27, 2013 . We disclaim any obligation to update these forward-looking statements other than as required by law.
Lynn Phillips, 314-654-3263
Manager, Media Relations
Meredith Fischer, 314-654-3318
Senior Vice President, Communications
John Moten, 314-654-6650
Vice President, Investor Relations
Source: MallinckrodtCopyright Business Wire 2014