Rockville based Vanda Pharmaceuticals will take its schizophrenia drug Fanapt to South America where it will partner with Biotoscana Farma S.A. in an exclusive license agreement for marketing and selling of the drug in Argentina.
"We are very excited to achieve this step on the path towards making Fanapt (TM) available in Argentinaand we are very pleased to have Biotoscana as our commercial partner," stated Mihael H. Polymeropoulos, M.D., Vanda's Chief Executive Officer. "This marks another important milestone for the Fanapt (TM) brand as we continue to grow our presence with Fanapt (TM) in Latin America," added Dr. Polymeropoulos. Biotoscana's co-founder and CEO, Ricardo MunozRidau, remarked, "We are very pleased to partner with Vanda in Argentinawith Fanapt (TM). Our recently submitted regulatory filing for marketing authorization for Fanapt (TM) marks the first step in the process towards the commercial launch of Fanapt(TM) in Argentina."
Biotoscana Farma S.A. is a wholly owned subsidiary of Bogota, Colombia basedBiotoscana International.
The agreement involves Biotoscana Farma S.A. seeking approval for Fanapt in Argentina and then be responsible for marketing if approved. Vanda will supply the drug product for sale in fourth largest drug market in South America with $5 Billion in sales annually.
Vanda Pharmaceuticals recently announced that it would move its corporate headquarters from Rockville to Washington, D.C.