October 27, 2008

Recordati Signs Licensing Agreement With Kowa Pharmaceutical Europe

Italy-based pharmaceutical company Recordati has signed a new agreement with Kowa Pharmaceutical Europe, a subsidiary of the Japanese pharmaceutical company Kowa Co, for the marketing and sales of pitavastatin in France, Spain, Portugal, Greece, Ireland, Cyprus, Turkey, Russia and CIS countries, as well as in Italy.

Pitavastatin is a novel 'statin' for the treatment of hypercholesterolaemia. The request for approval dossier was submitted by Kowa Pharmaceutical Europe (KPE) at the end of August 2008 in seven of the EU countries covered by the agreement using the decentralized procedure. Seeking approval in the remaining countries will be Recordati's responsibility.

Launch by Recordati in the territories covered by the new agreement is expected to take place as from the second half 2010.

Giovanni Recordati, chairman and CEO of Recordati, said: "This agreement with KPE represents an important opportunity for Recordati to extend its presence in the cardiovascular area, and in particular to be present in a significant way in the market for anti-cholesterol treatments, the most important therapeutic class in the global pharmaceutical market."