Westminster-based Amarin Corp. announced recently it has entered into an agreement with HLS Therapeutics to market and distribute Amarin’s popular anti-heart attack medication, Vascepa, in Canada.
Sales of Vascepa, Amarin’s first drug, produced $129 million of the $130 million in total net revenue 2016 for the company in 2016. Amarin expects the deal with HLS to increase sales of the drug, given that an estimated 2.4 million Canadians suffer from heart disease, and approximately one quarter of the population have high triglycerides, one of the major indicators of heart disease, according to a press release.
Under the terms of the agreement, HLS will be responsible for regulatory and commercialization activities and associated costs, while Amarin assist with local filings. Milestone payments to Amarin as a result of the sale of the drug in Canada will total up to $65 million, including a $5 million upfront payment from HLS. Amarin will also receive tiered double-digit royalties on net sales of the drug in Canada, according to an announcement.
“We are excited to enter into a collaboration with HLS to seek regulatory approval and commercialize Vascepa in Canada,” John Thero, Amarin’s CEO, said. “The proven track record of HLS’s leadership in commercializing pharmaceutical products in Canada, along with our shared vision and commitment, bestow confidence that we will provide Vascepa as a treatment option for millions of Canadians.”
HLS, based in Toronto, is one of Canada's biggest drug distribution companies.
“Amarin’s $200-plus million cardiovascular outcomes study, REDUCE-IT, has a significant number of Canadian key opinion leaders and clinical sites involved. As cardiovascular disease is the number one killer in the world, HLS is proud to be associated with Amarin’s mission to improve cardiovascular health," Greg Gubitz, HLS CEO, said.