Antares Pharma (NYSE:AIS) has licensed its newly approved overactive bladder gel to South Korea pharmaceutical company Daewoong Pharmaceuticals Co. in a move that will bring the drug to the Asian market.
Ewing, New Jersey-based Antares will receive undisclosed up-front payments, regulatory milestones and sales-based milestones, as well as royalties on net sales for the product, according to a press statement.
The oxybutynin gel 3% is a transdermal gel in which the active ingredients are absorbed by the skin, which lessens side effects.
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About 33 million people suffer from overactive bladder, a number comparable to diabetes. Its symptoms include frequent urination, urinary urgency, urinary incontinence and painful urination.
Antares CEO Paul K. Wotton said: “This is the third partnering agreement we have signed within the past six months as we continue to execute our strategic plan with premier partners and expand the business base of Antares. It also provides a potential near-term revenue generating opportunity from product sales.”
The U.S. Food and Drug Administration approved the bladder drug last month. Antares licensed the drug to Watson Pharmaceuticals (NYSE:WPI) for the U.S. and Canada, which will commercialize it next year.
