On 12 September, Liège company Mithra Pharmaceuticals announced that it had concluded a license and supply agreement with the Hungarian company Gedeon Richter Plc. to market its combined oral contraceptive, Estelle®, in Europe and Russia.
This is good news for François Fornieri, CEO of Mithra Women’s Health, who believes that this is the biggest contract in Mithra's history,
"Gedeon Richter is an undeniable leader in women's health. Its expanding direct presence in Western Europe strengthens our belief that we have chosen the best possible partner for this strategic region. We are looking forward to a profitable long-term collaboration with the Richter team. This new partnership bodes well for a future partnership for Estelle in the United States, as the value of the American oral contraceptive market is double that of the European market."
This is a very positive assessment, to which Gábor Orbán, CEO of Gedeon Richter Plc., added,
"Expanding our women's health portfolio remains a key priority of Richter's strategy to improve the quality of life of women of all ages. This agreement is part of this process, and we are looking forward to successful cooperation with Mithra in marketing an innovative oral contraceptive".
This oral contraceptive, Estelle®, is ground-breaking because it contains a natural native oestrogen that acts on tissues selectively, combined with the non-contraceptive benefits of drospirenone (a female hormone that helps to regulate ovulation and menstruation).
Under the terms of the agreement, Richter will make an advance payment of 35 million euros when the agreement is signed. Additional milestone payments of up to 20 million euros will be made depending on the completion of the regulatory stages linked to the product. Sales-related royalties will also be payable to Mithra once the product is launched. Furthermore, Mithra will receive guaranteed recurrent annual income based on minimum annual quantities (MAQ), in addition to tiered royalties on net sales.
In brief, Mithra is taking further steps on its path to world domination!
