Benzinga | Sep 15, 2020 08:33AM EDT

Titan's Probuphine Commercialization Partner, Molteni, Enters Into Exclusive European Distribution Agreement With Accord Healthcare

SOUTH SAN FRANCISCO, Calif., Sept. 15, 2020 /PRNewswire/ --Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today announced that its partner, Molteni Farmaceutici ("Molteni"), has entered into an exclusive distribution agreement with Accord Healthcare Europe ("Accord") for the commercialization of Sixmo(r)-(6-months buprenorphine implant), the brand name for Probuphine(r) in the European Union ("EU").

This distribution agreement brings together the expertise and heritage of Molteni in the specialty opioid addiction market with the extensive commercial reach of Accord, one of the fastest growing pharmaceutical companies in Europe.

"Accord is a global pharmaceutical company with a strong presence across Europe; the decision to enter the addiction treatments' space with Sixmo confirms the attractiveness of our novel product as well as the potential of our proprietary technology to contribute to the fight against the global opioid epidemic. We are preparing to ship to Molteni the product supply for the European launch," said Titan's President and CEO, Sunil Bhonsle. "Pursuant to our asset purchase, supply and support agreement with Molteni, we are entitled to approximately $1.1 million in future milestone payments and royalty payments on net sales of Sixmo, commencing in the second half of 2021."