AFT Pharmaceuticals (NZX; AFT, ASX; AFP) today announces it has signed licensing agreements for its Maxigesic pain relief medication in Germany, Pakistan and Vietnam, countries with pain relief markets worth more than US$1 billion*.
In Germany, where AFT has already achieved regulatory approval for Maxigesic tablets, the agreement represents the last significant hurdle to making first sales in an analgesic market worth US$564m*.
The agreement, with the German affiliate of Austria’s EVER Valinject GmbH, covers the prescription rights for Maxigesic, potentially creating the opportunity for AFT to license the over the counter rights separately.
AFT expects first sales of Maxigesic in the German market in the 2020 calendar year. Sales in Pakistan and Vietnam are expected in 2022 and are still dependent on securing regulatory approvals.
AFT Managing Director Dr Hartley Atkinson, says the agreements represent further significant steps in AFT’s strategy to drive the commercialisation of its patented Maxigesic pain relief medicine platform around the world.
“The German analgesic market, worth US$564m*, is significant. We see success with the oral dose prescription form of Maxigesic as but the first step in this key European market. We are targeting an ever-larger share of this market by growing sales of this form of the medicine and with line extensions such as the intravenous form Maxigesic IV® and the oral liquid form.
The agreements in Pakistan and Vietnam cover Maxigesic IV® and are aligned with the company’s determination to build a strong distributor network across Asia.
“With a combined population of almost 300 million* (2019) and a combined analgesic market of US$492m*, Pakistan and Vietnam represent great potential for Maxigesic IV®. First registration will need to occur and then we estimate first sales to occur in 2022,” Dr Atkinson said.
AFT’s agreement in Pakistan, which has a total analgesic market of US$184m*, is with Excel Laboratories. In Vietnam, where the total analgesic market is worth US$154m*, AFT has signed an agreement with Ben Tre Pharmaceutical Joint Stock Company (Bepharco).
The agreements follow the registration of Maxigesic IV by the Therapeutic Goods Administration in Australia and Medsafe in New Zealand. These organisations are treated as reference regulators for many markets in South East Asia and the Middle East.
“We have a number of transactions underway and it’s great to finalise a further three agreements, with more expected” said Dr Atkinson.
AFT will provide further detail when it releases its results for the half year to 30 September 2019 on Thursday 21 November at 8.30am.