- Genix Pharmeceuticals has entered into an agreement with Acme Generics LLP (ACME)
- The agreement is for the licensing and supply of Levothyroxine sodium, the generic version of Synthroid, a widely prescribed hypothyroidism treatment
- Final sale of the product is subject to approval from Health Canada and the agreement is subject to TSX-V approval
- Genix Pharmaceuticals is a Canadian life sciences company
- Genix Pharmaceuticals (GENX) is currently trading at C$0.225 per share
Genix Pharmaceuticals has entered into an agreement with Acme Generics LLP (ACME).
The agreement is for the licensing and supply of Levothyroxine sodium, the generic version of a widely prescribed hypothyroidism treatment.
The terms of the agreement stipulate that the final sale of the product is subject to approval from Health Canada.
The medication will be Canada’s first generic version of Synthroid, which is currently sold by Mylan Pharmaceuticals.
The Levothyroxine sold and manufactured by Genix and ACME will be the first generic version of the treatment available in Canada.
Hypothyroidism, or thyroid dysfunction, affects around 10% of Canadians aged 45 years or older. Levothyroxine is a thyroid medicine that replaces the T4 hormone that is normally produced by your thyroid gland to regulate the body’s energy and metabolism.
GENIX will pay ACME a total licensing fee of US$350,000 for the exclusive Canadian rights which includes eleven dosages of Levothyroxine sodium.
The initial term of the agreement is for an eight year period from the date of product approval by Health Canada, which is expected to take between 18-24 months, and will renew automatically for two year terms thereafter.
Genix CEO Sina Pirooz stated,
“We are excited to secure this exclusive licensing agreement with ACME for Canada’s first generic version of Synthroid. As the number one prescribed drug in Canada, our generic will provide patients across Canada with a less expensive alternative.”
The agreement is subject to TSX-V approval.
Genix Pharmaceuticals is a Canadian life sciences company engaged in the research, development, manufacturing, and marketing of pharmaceuticals, over-the-counter products, nutraceuticals and healthcare products, as well as generic medicines.
Genix Pharmaceuticals (GENX) is currently trading at C$0.225 per share.
