Ranbaxy Laboratories, on Monday, announced that it had received approval from the U.S. Food and Drug Administration to launch Absorica, a patented acne treatment drug developed by Canadian firm Cipher Pharmaceuticals, in the U.S. market.
In a statement, the company said through a business agreement with the Canadian firm, Ranbaxy Laboratories Inc (RLI) was expected to launch Absorica in the U.S. in the fourth quarter of 2012.
“As a result, Cipher will receive a $9 million milestone from Ranbaxy. Going forward, Cipher will also receive royalties on net U.S. sales and is eligible for future milestone payments based on sales targets,” Cipher Pharmaceuticals said in a separate statement.
Ranbaxy America's Senior Vice-President and Regional Director Venkat Krishnan said Absorica was a critical milestone in the commitment to serve the dermatology community and would be the flagship brand for Ranbaxy's specialised dermatology sales force.
