Swedish Iconovo signs royalty-backed inhalation contract worth 2.8 million EUR
Iconovo, a Swedish inhalation development company has signed a second major product development and licensing agreement with Intas Pharmaceuticals Ltd.
Iconovo AB has signed a 2.8 million (EUR) royalty-backed product development and licensing agreement with Intas Pharmaceuticals Ltd. The agreement includes an adaptation of Iconovo’s proprietary reservoir inhaler ICOres and the development of a dry powder formulation for treatment of asthma and COPD. The agreement includes a royalty fee when the product reaches the market.
“This second agreement is an important milestone for Iconovo. Once again, we validate our business model and capabilities as well as a recognition of our inhalers and our formulation development. We are thrilled to partner with Intas Pharmaceuticals in this development project.” says Dr. Orest Lastow, CEO of Iconovo.
Iconovo is developing proprietary dry powder inhaler devices for licensing to pharmaceutical companies. Approx. 500 million people are suffering from respiratory diseases worldwide and the market value reaches 40 billion USD. The fully injection molded and ready to use device range includes; ICOres, a reservoir inhaler, ICOcap, a capsule inhaler and ICOone, a unit-dose inhaler. Iconovo also offers a complete dry powder formulation development. The primary market is generic companies globally planning to enter the inhalation business but lacking access to devices. The devices are primary intended for asthma and COPD but also for vaccines and biomolecules. Iconovo is based at Medicon Village in Lund.
About Intas Pharmaceuticals Ltd.
Intas is among the top-10 Indian pharmaceutical companies and the largest privately held pharmaceutical company in India, with annual turnover in excess of US$ 1 billion, of which 60% comes from international operations. The group has an extensive geographic footprint with presence in 70 countries worldwide and more than 80% of export revenue coming from US, UK and EU.
In addition to generics formulation, R&D is focused on value added products such as complex formulations, biosimilar, and improved generics using novel drug delivery systems (NDDS). Intas is delighted to strike this deal with ICONOVO and entering, this way, in the challenging respiratory field with this first development and licensing agreement.
Dr. Orest Lastow, CEO
Phone +46 76-5422220