RedHill Biopharma Adds Israel Rights to Movantik From AstraZeneca

RedHill obtains Israel rights to Movantik from AstraZeneca, giving RedHill global rights, excluding Europe and Canada
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Movantik approved for opioid-induced constipation in Israel under the brand name Moventig
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RedHill to evaluate partnering opportunities for commercialization of Movantik in Israel
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RedHill maintains sole and exclusive U.S. commercialization responsibility for Movantik, which generated approximately $20 million in net revenue in Q2/2020, the first quarter of sales as a RedHill product

TEL AVIV, Israel and RALEIGH, N.C., Oct. 08, 2020 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (Nasdaq: RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company, today announced that it has gained the rights to Movantik (naloxegol)¹ in Israel from AstraZeneca (LSE/STO/Nasdaq: AZN). RedHill now holds the worldwide rights to Movantik, excluding Europe and Canada.

Movantik is approved in Israel, under the brand name Moventig, for the treatment of opioid-induced constipation (OIC) but is not yet commercialized. RedHill is evaluating the potential for a local commercialization partnership for Movantik in order to bring this valuable OIC treatment to patients in Israel.

“Our commercial focus for Movantik remains firmly fixed on the U.S., where we have sole and exclusive commercialization rights. We have built a strong and expanding commercial team to support Movantik, which despite the challenging COVID-19 pandemic environment generated approximately $20 million in net revenue in the second quarter of 2020 - its first quarter as a RedHill product.” said Adi Frish, Senior Vice President Business Development and Licensing at RedHill. “We would like to thank AstraZeneca for expanding our Movantik partnership and Knight Therapeutics, which previously held the rights for Moventig in Israel, for enabling the smooth transfer of this asset.”

In August this year, the Company also announced an amendment to the agreement with Daiichi Sankyo which enabled RedHill to exercise full control over brand strategy and commercialization activities for Movantik in the U.S., while also increasing margins.

About Movantik
Movantik is a proprietary once-daily oral PAMORA approved by the U.S. Food and Drug Administration for the treatment of opioid-induced constipation (OIC) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g. weekly) opioid dosage escalation. Movantik is the first oral PAMORA approved in the U.S. for the treatment of OIC and is recommended by the American Gastroenterological Association (AGA) guidelines² and the National Comprehensive Cancer Network (NCCN) guidelines. Movantik is part of the exclusive worldwide license agreement announced in 2009 between AstraZeneca and Nektar Therapeutics. It was developed using Nektar’s oral small-molecule polymer conjugate technology. Movantik was first approved in 2014 and launched in the U.S. by AstraZeneca and Daiichi Sankyo in 2015. Further information about Movantik is available at: www.Movantik.com.