Salix Pharamaceuticals and Indian pharmaceutical company Lupin announced Friday that they have entered into a distribution agreement that grants Lupin the exclusive right to market and sell some Salix drugs in Canada.
The drugs included in the deal are Zaxine, a drug used to treat the rare liver condition hepatic encephalopathy, and Relistor, a drug approved to treat patients with chronic pain.
Mumbai-based Lupin also has the option to exclusively market, distribute and sell other gastrointestinal drugs in Salix’s pipeline once they are approved by Canadian regulators.
Raleigh-based Salix will receive an upfront payment and distribution fees from Lupin under the terms of the agreement, and is eligible to receive additional milestone payments.
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Lupin is the third largest Indian pharmaceutical company by sales, and is also the fifth largest seller of generics drugs in the U.S. with a 5.3 percent market share, according to IMS Health.
Salix shares were down about 3 percent in afternoon trading Friday.