Veloxis, Athena in Cholesterol Combo-Pact

Veloxis Pharmaceuticals and Athena Drug Delivery Solutions have entered an alliance in which Athena will obtain exclusive rights in certain emerging market territories to manufacture and, with third parties, develop, register and commercialize Veloxis’ AtorFen.

AtorFen is an oral tablet combination of fenofibrate (Tricor) and atorvastatin (Lipitor), containing the lowest fully effective dose of fenofibrate. The product has been developed by Veloxis through Phase II in the US. Results showed significant improvements in HDL-C, triglycerides, VLDL and fibrinogen compared with atorvastatin alone (Lipitor at 40 mg) as well as significantly greater effect on non-HDL-C, LDL-C, triglycerides and total cholesterol compared with fenofibrate alone (Tricor at 145 mg).

Athena will establish and fund AtorFen manufacturing capabilities in India and through partnerships with regional and country level pharmaceutical companies develop and, once approved, commercialize the product. Veloxis will transfer its technology for manufacturing of AtorFen to Athena, with all expenses funded by Athena, and Veloxis will retain 70% of all revenues generated (subject to a minimum royalty rate). Veloxis will retain the right to re-claim major territories or regions where third party distributors are not established by Athena within certain time periods.

“This alliance will enable Veloxis to establish a competitive presence for AtorFen in emerging markets,” said William Polvino , M.D., chief executive officer of Veloxis. “Substantial future growth in the pharmaceutical industry is expected to come from this region where cardiovascular morbidity is on the rise. We’re delighted to have the opportunity to work with Athena, a company that is well positioned in emerging markets. This agreement is part of our strategy to out-license our cardiovascular portfolio to partners who can realize the full value of these assets.”