OptiBiotix seals 10 year ‘exclusive license’ with Italian pharma giant Alfasigma
Under the terms of the agreement, Alfasigma will obtain the license to promote food supplements containing LPLDL throughout Italy for cardiovascular health, with the aim of maximising the financial return for both parties.
The ten year agreement includes an upfront payment and royalties with five figure guaranteed annual minimum payments. It follows the recent launch of LPLDL in the USA, and is a strategic step to access high value high growth markets around the world, said OptiBiotix.
"We are excited to announce this 10 year exclusive agreement with Alfasigma which expands sales of LPLDL into Italy, the largest and fastest growing probiotic market in Europe,” commented Per Rehne, commercial director of OptiBiotix.
“This agreement provides upfront and guaranteed minimum future payments with LPLDL offered in multiple product solutions to consumers in Italy,” he said. “This agreement is another deal from a very strong pipeline with industry partners of increasing size and revenue potential targeted at the largest and fastest growing markets around the world."
According to Euromonitor data, Italy is the largest probiotic supplement market in Europe, and the second largest market in the world. The Italian market for probiotic supplements is estimated to be worth more than $500 million, with an expected 25% per annum growth forecast to 2021.
Alfasigma is a multinational pharmaceutical company with 2017 revenue in excess of €1 billion and 2800 employees globally. Outside of its core Italian market, the company has 16 subsidiaries in Europe, Asia, North & Central America and Africa, and has authorised distributors in more than 70 countries.
More than 44% of Alfasigma’s turnover comes from internally developed proprietary products – including Normix/Xifaxan which has a worldwide turnover in excess of €1.3 billion through its partners.
“Alfasigma are one of the largest pharmaceutical companies in Italy with a strong track record in food supplements and pharmaceuticals for cardiovascular health,” added Rehne.
