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CONCORDIA INTERNATIONAL CORP. ANNOUNCES REDHILL BIOPHARMA HAS STARTED PROMOTING DONNATAL® IN THE U.S.
Concordia International Corp. (the “Company”) (NASDAQ: CXRX) (TSX: CXR) – together with its subsidiaries (“Concordia”), an international specialty pharmaceutical company focused on generic and legacy pharmaceutical products has announced that RedHill Biopharma Ltd. (RedHill) (NASDAQ: RDHL) (TASE: RDHL), a specialty biopharmaceutical company, has started promoting Donnatal® in certain U.S. territories.
Concordia and RedHill originally announced this co-promotion agreement in January 2017 for Donnatal®, Concordia’s product used in the treatment of irritable bowel syndrome.
“We are excited that RedHill is moving forward with its promotion of Donnatal® to potential prescribers in the U.S.,” said Allan Oberman, Chief Executive Officer of the Company. “We believe this cost-effective partnership can leverage RedHill’s experienced team in gastroenterology sales, raise the product’s profile, and potentially allow Donnatal® to reach more patients.”
Under the terms of the co-promotion agreement, RedHill will incur the sales and marketing costs associated with promotional activities for Donnatal®, while Concordia will provide materials and samples. Concordia will keep all revenue up to a predetermined level of sales. Only after reaching that predetermined level will revenue be shared between Concordia and RedHill.
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