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Global Healthcare Giant Baxter Signs Multi-million Dollar Agreement for Kamada’s Glassia

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Thursday, September 9th, 2010

Medical product giant Baxter International and Israeli biopharmaceutical company Kamada entered into a definitive distribution agreement for Glassia, the first and only liquid, ready-to-use Alpha1-Proteinase inhibitor that treats genetic lung-damaging disorder alpha-1 antitryspin (AAT).

Baxter has committed to buying minimum quantities of Glassia worth around $60 million, and has secured exclusive marketing rights to Kamada’s GLASSIA Alpha 1-Proteinase inhibitor in the U.S., Canada, Australia and New Zealand. Baxter will furthermore pay Kamada royalty payments of at least $5 million a year on net sales of the product produced by Baxter. 

Kamada will receive milestone payments of $45 million including an upfront payment of $20 million. Upon meeting certain milestones, Kamada will be eligible to receive up to an additional $25 million.

The companies will also examine licensing of the inhaled version of Glassia, which is currently undergoing clinical trials in Europe. In July Kamada won approval from the U.S. Food and Drug Administration for a liquid version of Glassia, the first Israeli company to get U.S. clearance for a drug produced by a biologic process rather than a chemical one.

Baxter International Inc develops, manufactures and markets products that treat hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.