Tetra Bio-Pharma (TSXV:TBP; OTCQB:TBPMF) announced a binding term sheet for the marketing and distribution of its lead candidate PPP001, a smokable cannabis product for advanced cancer pain, in Portugal with Azevedos Indústria Farmacêutica.
As quoted in the press release:
Tetra is eligible to receive an upfront payment, milestone payments and will be paid a share of the profits generated by the sales of PPP001 in Portugal. Azevedos will also be responsible for registering the product, as well as all marketing and distribution in Portugal.
“We are honored to partner with Azevedos, a company established in 1775, rich in tradition, and a major player in the Portuguese pharmaceutical market. This Partnership deal provides Tetra with its foray into the European market,” stated Dr. Guy Chamberland M.Sc., Ph.D., Interim CEO and Chief Scientific Officer.
“These partnerships are very important for Azevedos Indústria Farmacêutica and mean that international entities recognize our history, values, work and our technology know-how. Although having a long past, Azevedos is a pharmaceutical company turned to the future and focused on new challenges,” says Thebar Miranda, CEO of Azevedos Indústria Farmaceutica, S.A.