Wednesday, April 17, 2019
Recro Pharma, Inc., a specialty pharmaceutical company with a high-performing revenue generating contract development and manufacturing (CDMO) division, today announced that Recro Gainesville LLC, its CDMO division, has amended its existing license and supply agreement with Teva Pharmaceutical to extend the agreement for six years, effective January 1, 2019.
Under the terms of the amended Agreement, Recro Gainesville will continue to supply Teva with Verapamil SR capsules through 2024 and Teva will continue to be Recro Gainesville’s exclusive United States distributor of the product, for which Recro Gainesville is the New Drug Application holder. The 2019 Teva Agreement provides to Recro Gainesville the same revenue economics as the original agreement, including both manufacturing and profit sharing components. Prior to this amendment, the license and supply agreement with Teva for Verapamil SR was renewable on a year-to-year basis.
“Teva is the largest generic pharmaceutical company in the world and continues to do a tremendous job as our exclusive marketing partner for Verapamil SR,” said Scott Rizzo, Senior Vice President, General Manager of Recro Gainesville. “The 2019 Teva Agreement both extends our baseline manufacturing business for a substantial period of time and serves as a solid foundation upon which to add new CDMO customers.”
Gerri Henwood, Recro Pharma's President and Chief Executive Officer, commented, “We have maintained a close working partnership with Teva and they have delivered strong product volume through their unparalleled distribution channels. This amendment underscores the commitment and dedication of our employees in Gainesville to maintain high quality standards and consistently deliver product on time to meet increasing demand. We are delighted Teva will continue to be our exclusive distributor in the United States for the next six years.”