Eagle Pharmaceuticals and Spectrum Pharmaceuticals Announce Co-Promotion Agreement
Spectrum Has Potential to Earn Up to
With Strong Pharmaceutical and Oncology Focused Expertise, Spectrum's 32-Person Corporate Accounts Sales Team Poised to Commercialize up to Six Eagle Products
In Addition, Eagle to Hire up to 20 Direct Sales Representatives for
a Total of 52; Agreement Facilitates Eagle's Strategic Transition into
The agreement leverages the experience and network of the Spectrum Corporate Accounts Sales Team in order to maximize the respective product sales of both companies by targeting infusion centers, hospitals, and oncology purchasing groups.
The Spectrum Corporate Accounts Sales Team is a group of 32 proven and seasoned professionals focused in the hematology and oncology space, calling on infusion centers and hospitals. Each team member has extensive pharmaceutical industry experience, including years of oncology-specific experience. This cohesive team has demonstrated strong performance and they are poised to commercialize Eagle's promising assets.
Under the terms of the agreement, the Spectrum Corporate Accounts Sales Team will promote up to six products. This will potentially include Eagle's current pipeline plus products that may be in-licensed over time. Eagle's approximately 20 direct sales representatives will focus on promoting Eagle products with an initial emphasis on the launch of RTU Bivalirudin and RYANODEX® (dantrolene sodium).
As outlined in the agreement, Eagle will pay Spectrum a base fee of
"Our agreement with Spectrum is a very positive step at this exciting
and critical time for Eagle as we transition from a development-stage
pharmaceutical company to a commercial organization with a portfolio of
differentiated, in-market products and a continued promising pipeline,"
"By partnering with Spectrum, we are capitalizing on a unique opportunity to strategically secure a highly-successful sales team that will spend 80 percent of its time calling exclusively on Eagle's customers, infusion centers, hospitals, and oncology purchasing groups. We are confident that Spectrum's proven sales team will help Eagle maximize the success of new product launches and achieve our increased revenue goals while reducing the expense burden prior to and during the launch process," concluded Tarriff.
"Partnering with Eagle is a value-enhancing opportunity as we continue
our efforts to bring innovative products for patients and enhance value
for Spectrum shareholders," said
Eagle to Hire Approximately 20 Direct Sales Representatives as
Part of Long-Term Commercialization Strategy; Sales Team to Form
As part of the co-promotion agreement and long-term strategy to build an internal commercial team, Eagle will also hire approximately 20 direct sales representatives who will be a part of Eagle's independent commercial organization. These representatives will be managed under the Spectrum sales team infrastructure for the duration of the co-promotion agreement. This arrangement serves to ensure a well-trained sales team and facilitates a seamless, low-cost transition with minimal risk.
Eagle expects its in-market portfolio will significantly expand in 2016,
Eagle is a specialty pharmaceutical company focused on developing and
commercializing injectable products that address the shortcomings, as
identified by physicians, pharmacists and other stakeholders, of
existing commercially successful injectable products. Eagle's strategy
is to utilize the
This press release contains forward-looking information within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended and other securities laws. Forward-looking statements are
statements that are not historical facts. Words such as "will," "may,"
"intends," "anticipate(s)," "plan," "enables," "potentially,"
"entitles," and similar expressions are intended to identify
forward-looking statements. These statements include, but are not
limited to, statements regarding future events including, but not
limited to: the timing of product approvals and launches; success and
effectiveness of sales and marketing efforts; difficulties or delays in
manufacturing; the availability and pricing of third party sourced
products and materials; successful compliance with
Vice President, Strategic Planning & Investor Relations
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