Nuvo Pharmaceuticals announced it acquired the global rights for Resultz, a treatment for head lice from Piedmont Pharmaceuticals.
The transaction includes existing royalty streams in the Royalty Markets (as defined below) and all product and intellectual property (IP) rights in the Territory.
Resultz is currently approved for sale under its European Conformity (CE) mark as a class 1 medical device, but not yet partnered or launched in all remaining E.U. territories, including the key markets of Germany, Italy, the Netherlands, Scandinavia and Greece. The current head lice market in the remaining E.U. territories was valued at approximately US$150 million in 2016. Resultz has not been partnered or approved in most rest of world markets, including the Middle East and Africa, Latin America and Asia Pacific (outside of Japan and Australia). However, the European CE mark is recognized in many of these markets and may facilitate class 1 medical device registration procedures via local partners. With a global head lice prevalence of approximately 6%, the market opportunity for Resultz in all non-Royalty Markets is attractive and growing. This transaction is immediately accretive and provides Nuvo with an additional global product that, alongside existing manufacturing partners, can be produced at Nuvo’s Varennes, Québec manufacturing site.