Kitov signs marketing, distribution agreement for Consensi with Coeptis
Kitov Pharma announced it has signed an exclusive marketing and distribution agreement with Coeptis Pharmaceuticals for the U.S. market. Coeptis will commercialize Kitov's combination drug, Consensi, intended to simultaneously treat osteoarthritis pain and hypertension. The agreement provides for total milestone payments from Coeptis to Kitov of $3.5M, of which Kitov has already received the initial milestone upon execution of the agreement, and additional milestone payments are due upon completion of an agreed Chemistry, Manufacturing, Contol plan and upon first commercial sales in the U.S. In addition, Kitov will be paid 40%-60% of Coeptis' net profit on Consensi sales. The agreement is for a term of fifteen years and may be extended for additional two-year terms and includes customary provisions, as well as certain residual rights and obligations of the parties following termination. Consensi, under patent protection in the U.S. until 2030, is expected to be launched during 2019, and will be the only NSAID whose labeling indicates a reduction of blood pressure and consequent risk reduction of heart attack, stroke and death. The agreement with Coeptis is Kitov's third licensing and distribution agreement as part of its worldwide commercialization plans for Consensi. Kitov has previously signed licensing and distribution agreements for the drug in China and South Korea, and Kitov is currently evaluating additional commercialization agreements in major markets worldwide.