Ultrasound contrast agent developer Sonus Pharmaceuticals has again restructured its agreement with Abbott Laboratories. Under the terms of the original contract signed in 1996, Abbott held exclusive marketing rights in the U.S. for Sonus' EchoGen agent. The modified relationship now allows the firms to discuss alternative methods of marketing, selling and distributing EchoGen in the U.S. EchoGen is approved for marketing in the European Union and is under review by the Food and Drug Administration.
Abbott now has the option of either marketing and distributing EchoGen in the U.S. -- subject to obtaining necessary regulatory approvals -- or terminating the existing marketing agreement whether regulatory approvals are received or not. This option terminates on March 31, 2000. No financial payments were made relative to modification of the agreement, and no payments will be made during the term of Abbott's option.
The companies have also agreed to amend the manufacturing and supply agreement under which Abbott manufactures EchoGen for Sonus. If this agreement is terminated, Abbott will manufacture EchoGen for two years following FDA approval, but no later than July 1, 2002. At that time, Abbott will transfer EchoGen manufacturing responsibility, processes and data to Sonus or to a third party selected by Sonus.
By AuntMinnie.com staff writers
February 17, 2000
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