SciGen Limited (SIE) announced that the Company has signed a Memorandum of Understanding with Actavis Group PTC ehf. for the sale of recombinant human insulin in 12 markets of the Asia-Pacific, as well as the Middle East and Africa regions. Certain Middle East and Africa markets have been recently obtained by SciGen as a result of renegotiated terms of the license agreement with Ferring S.A. The Parties have agreed that Actavis will pay to SciGen a consideration of up to EUR 1,400,000 including EUR 1,000,000 at signing of the final agreements. Both Parties expect that sales of the Insulin by Actavis into some of the markets of the Territory shall commence on the turn of 2012 and 2013. The profits from the sale of the Insulins in the Territory will be shared on an equal basis (50/50).
Actavis is part of the Actavis Group, one of the leading pharmaceutical concerns developing and manufacturing modern generic medicines. At present, the Actavis Group has a portfolio, which includes approximately 830 medicines present on the market and registered in more than 70 countries. Moreover, Actavis has a portfolio of 315 pharmaceutical products in its pipeline. SciGen Ltd is a progressive biopharmaceutical company involved in co-developing and marketing genetically engineered biopharmaceutical products for human healthcare. SciGen focuses in the areas of gastroenterology, endocrinology, oncology, neurology and immunology. Its product portfolio includes therapeutics such as rhuman Growth Hormone, rhuman Insulin, GCSF and Interferon Alpha 2b.