Cipla inks long-term pact with Pharmaceutical major Meda

Cipla inks long-term pact with Pharmaceutical major MedaPharmaceutical major Cipla has signed a long-term collaboration agreement with Meda AB, a Sweden-based specialty pharmaceutical company, to develop and market an anti-allergic rhinitis drug for various global markets.

Under the arrangement, domestic pharmaceutical company will manufacture the drug, which will treat an ailment that causes a runny nose, while Meda will market the product in Europe, Japan, Brazil, South Korea and Australia.

Meda would pay Cipla $5 million upon regulatory approval in the first market and up to $10 million as other milestone payments.

According to sources, the drug is currently in the final phase of human clinical trials (Phase III) and the remaining clinical studies are expected to be complete during the second half of 2010.