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WALTHAM, Mass., Dec. 29 (UPI) -- U.S. firm Oscient Pharmaceuticals said Friday it has amended its Factive License Agreement with LG Life Sciences.
Specifically, the company said the amended license and option contract on Oscient's antibiotic Factive (gemifloxacin mesylate) tablets, adds several European countries to the license agreement, so that all of the current members of the European Union, or 40 member states, are included.
In another revision, Oscient said the contract's economic terms relating to Factive's European sales have been restructured to include a reduction in royalty rates on future sales "to enable maximum investment in the brand through a potential European partnership."
"One of Oscient's corporate development goals for Factive is identifying a partner for the commercialization of Factive in Europe; we are pleased that LG Life Sciences shares our vision for the product," Steven Rauscher, Oscient's president and CEO, said in a statement.
The company estimated the antibiotic market in Europe at $5 billion, with the four largest markets being France, Germany, Italy and Spain.
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