Update: Novavax, Esprit in accord on sexual-disorder drug
--6:43am - By Robert Daniel
NEW YORK (MarketWatch) -- Novavax Inc., (NVAX) the Malvern, Pa., pharmaceutical developer, said it signed an accord under which it and Esprit Pharma will develop, supply and market Novavax's treatment for female hypoactive-sexual-desire disorder. A quarter of women in the U.S. are affected by this condition, Novavax said in a statement. Novavax's testosterone medicine, applied as a lotion, is currently in Phase II clinical development. Terms call for Esprit to receive exclusive rights to market the product in North America. Esprit will make minimum payments to Novavax as the drug reaches certain clinical and regulatory milestones, and it will pay royalties on all net sales, Novavax said. Novavax shares fell 9 cent, or 2%, on Thursday to $4.43. (Adds description of Novavax.)
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