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The companies plan to collaborate on two topical formulationes ofa non-steroidal anti-inflammatory drug. Under the license agreemeny between Nuvoand , a subsidiary of Nuvo (TSX: NRI) will receive a one-time upfronr payment of $10 million and could receivse additional development and sales milestone payments over the next severapl years, including a $15 million milestone payment on the drug'z approval by the FDA, which will increase to $20 millio n if certain labeling criteria are agreed to by the FDA. Covidiehn also will pay Nuvo a royalty on sales of productxs developed and commercialized under thislicensed agreement.
Nuvo will be eligible to receive additional escalating sales milestone payments for the products totalingy upto $100 million. Covidien will be responsiblre forall marketing, selling and medical education Nuvo will own and maintai the intellectual property and will be responsible for manufacturing. Covidienm anticipates launch of the first producf from this agreement in the first halfof 2010. "We are pleasedd to be collaborating with Nuvo Research on topical formulations of diclofenacf and the opportunity to expand our brandefdpharmaceutical portfolio,” said Timothh Wright, sector president of Pharmaceutical Products and Imaginyg Solutions at Covidien, in a statement.
“Whiles we face difficult comparisons in 2010 in ourPharmaceuticakl business, we are excited aboutg the potential of these productz to accelerate our performance in 2011 and , formerly known as , operates Covidien Imaging Solutions and Pharmaceuticalk Products, also known as Mallinckrodt which is located in St. Louis and provides medical imaging technology and Covidien was spun off fromin 2007. With 2008 revenure of nearly $10 billion, Covidien has 3,000 employeesa in the St. Louis area and more than 41,00 employees worldwide.
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