Medexus Pharmaceuticals (TSX: MDP, OTCQX: MEDXF) has finalized an agreement to transfer U.S. commercialization rights for Gleolan® back to NX Development Corp. (NXDC). This decision marks the conclusion of a license, supply, and distribution arrangement between the two companies, effective no later than March 31, 2025. Gleolan®, an optical imaging agent used during glioma surgeries, will now be fully managed by NXDC in the United States.
Under the terms of this termination agreement, Medexus will receive compensation based on units of Gleolan® sold by NXDC through June 30, 2025. This payment structure approximates the product’s historical per-unit contribution to Medexus during their partnership. Additionally, this arrangement will reduce Medexus’s royalty obligations to NXDC for fiscal year 2025, which are due in June.
Ken d’Entremont, CEO of Medexus Pharmaceuticals, expressed satisfaction with the outcome: “We are pleased to have reached a mutually acceptable arrangement regarding the transition of Gleolan® responsibilities in the U.S. This agreement is fair to Medexus and its stakeholders while ensuring continued availability of Gleolan® for patients who need it. We wish NXDC success in their future endeavors with this product.”
Medexus originally acquired exclusive U.S. commercialization rights for Gleolan® from NXDC in March 2022. During its tenure managing Gleolan®, Medexus integrated the product into its portfolio alongside its Canadian rights, contributing to its North American operations. The company had anticipated strong sales growth for Gleolan®, which generated $3 to $4 million in net sales during Q4 2021 before Medexus took over U.S. operations.
This return of rights allows NXDC to focus on further development and commercialization efforts for Gleolan®, including potential new indications like meningioma. For Medexus, the move aligns with its broader strategy to streamline operations while maintaining its focus on hematology-oncology and rare disease treatments.
Medexus continues to position itself as a leading specialty pharmaceutical company with a robust North American commercial platform. The termination of the Gleolan® agreement does not alter its commitment to expanding its portfolio of innovative treatments across therapeutic areas such as dermatology, rheumatology, and allergy.
This strategic shift demonstrates Medexus’s ability to adapt while prioritizing sustainable growth and operational efficiency within its core markets.
