The conclusion of a license agreement for an antibacterial agent 'Prulifloxacin'
On October 1, 2010, Nippon Shinyaku Co., Ltd. (Headquarters: Kyoto, Japan; President: Shigenobu Maekawa) and Algorithm SAL (Headquarters: Beirut, Lebanon; Managing Director: Selim J. Ghorayeb) concluded a license agreement for Nippon Shinyaku’s antibacterial agent ‘Prulifloxacin’.
Under the license agreement, Nippon Shinyaku grants Algorithm SAL an exclusive developing right and an exclusive marketing right of products containing Prulifloxacin in 16 countries in Middle East and North Africa. Nippon Shinyaku is to receive from Algorithm SAL an upfront payment and milestone payments based on development stage.
Prulifloxacin, which was discovered by Nippon Shinyaku as an oral quinolone antibacterial agent, has been launched by Meiji Seika since December 2002 in Japan and by Angelini since October 2004 in Europe. In addition, Nippon Shinyaku has already concluded the license agreement with Optimer Pharmaceuticals in U.S, Yuhan in Korea and Lee’s Pharmaceutical Holdings in China, and they are developing Prulifloxacin in their territories.
Outline of Algorithm SAL
Algorithm is part of a Pharmaceuticals Group of 445 employees with a combined turnover exceeding $140 Million
Corporate Name： Algorithm SAL
CEO： Mr. Selim J. Ghorayeb
Address： Zouk Mosbeh, sea road, Algorithm bldg, Beirut, Lebanon
Employees： 242 (As of December, 2009)
Sales： $17 Million (Fiscal 2009)
Business lines： Manufacture, Development and sale of pharmaceuticals