Publication date: 16/12/2019
Mithra (Euronext Brussels: MITRA), a company dedicated to Women’s Health today announces that it has entered into an exclusive license and supply agreement with Searchlight Pharma (Searchlight) for the commercialization of its hormonal contraceptive ring Myring™ in Canada.
Under the terms of the agreement, Searchlight will distribute Myring™ in Canada, where the vaginal contraceptive rings market is worth EUR 9 million per year1 and is exclusively represented by the originator Nuvaring®. Mithra will receive an upfront payment and will be eligible to receive royalties and Minimum Annual Quantities (MAQ) all of which are foreseen to secure the deal value. In addition, Mithra will manufacture Myring™ for Searchlight at its CDMO facility in Belgium.
This LSA is the second major agreement signed with Searchlight, following the one entered into in 2018 for the commercialization of Estelle® in Canada, with potential revenues of at least EUR 50 million for Mithra2. Searchlight is a Canadian-based specialty healthcare company with a growing portfolio of specialty prescription, over-the-counter (OTC) and hospital products. The company has a core focus on Women’s Health, through the distribution of a range of prescription and OTC products for a variety of Women’s Health conditions, including contraception. With Myring™ and Estelle®, Searchlight aims to bring to market a portfolio of novel contraceptives that will further increase its footprint in the segment.
François Fornieri, CEO Mithra Women’s Health, commented: “We are very pleased to have agreed terms with Searchlight for the commercialization of Myring™ in Canada. With the acquisition of our two leading products in contraception and their focus on Women’s Health, we are convinced that Searchlight is the best possible partner for the commercialization of our vaginal contraceptive ring in the Canadian market.”
Mark Nawacki, CEO Searchlight Pharma, commented: “The expansion of our partnership with Mithra Women’s Health is evidence of our commitment to build Searchlight into the premier women’s health-focused specialty pharma in Canada. Working with a recognized global leader like Mithra as well as their global commercial partner network, we are confident and excited about the potential to improve the lives of Canadian women through access to new and innovative options that empower appropriate personal choices for contraception. We are pleased by the confidence displayed by Mithra in partnering their second lead product with Searchlight, and look forward to making Myring™ available to Canadian
women in the near future.”
Mithra (Euronext: MITRA) is a Belgian biotech company dedicated to transforming Women’s Health by offering new choices through innovation, with a particular focus on contraception and menopause. Mithra’s goal is to develop products offering better efficacy, safety and convenience, meeting women’s needs throughout their life span. Its three lead development candidates are built on Mithra’s unique native estrogen platform, Estetrol (E4): Estelle®, a new era in oral contraception, PeriNesta®, the first complete oral treatment for perimenopause and Donesta®, the next-generation hormone therapy. Mithra also develops and manufactures complex therapeutics in the areas of contraception, menopause and hormone-dependent cancers. It offers partners a complete spectrum of research, development and specialist manufacturing at its technological platform Mithra CDMO. Active in more than 85 countries around the world, Mithra has an approximate headcount of 250 staff members and is headquartered in Liège, Belgium. www.mithra.com
Myring™ (etonogestrel/ethinyl estradiol vaginal ring) is a non-biodegradable, flexible, transparent, combination contraceptive vaginal ring, with an outer diameter of 54 mm and a cross-sectional diameter of 4 mm. It is made of ethylene vinylacetate copolymers, and contains 11.7 mg etonogestrel and 2.7 mg ethinyl estradiol. When placed in the vagina, each ring releases, in line with the originator (Nuvaring®), on average 0.120 mg/day of etonogestrel and 0.015 mg/day of ethinyl estradiol over a three-week period of use. The ring is to remain in place continuously for three weeks. It is removed for a one-week break, during which a withdrawal bleed usually occurs. A new ring is inserted one week after the last ring was removed.
About Searchlight Pharma
Searchlight Pharma Inc., headquartered in Montreal, aspires to become a leading Canadian-based specialty healthcare company through best-in class execution of the search, acquisition, commercialization, and focused development of innovative and unique specialty healthcare products that improve life-long human health and wellness. With a core focus on women’s health, urogynecology and urology, our team is committed to improving people’s lives by bringing the right products to market. Follow us, learn more about what we do, and get to know our product portfolio at www.searchlightpharma.com .