Northern pharmaceutical company Galen Holdings has said it bought an exclusive licence for a generic version of Galen's Ovcon 35 oral contraceptive from Barr Pharmaceuticals, for €19m
Barr recently received an approval under an Abbreviated New Drug Application (ANDA) for the generic Ovcon 35 products.
Under the deal Galen is granted a five-year exclusive licence to sell the product under the ANDA.
At the end of the five-year term, Galen can extend the licence on a non-exclusive basis for an additional five-year period.
Galen made a €1m (€0.82m) payment to Barr upon signing the option and licence agreement and has now paid a further €19m (€15.74m) to exercise the option.