I understand they did have milestones to be achieved for Ellavie (estradiol spray – EU), Evamist (estradiol spray – US) & Animal in addition to royalty payments on net sales... not sure on the hurdle rates exactly, but the milestones were listed (by a broker) as follows:
Ellavie (estradiol spray – EU) = A$3.5m (est market size of A$150m in 2012)
Evamist (estradiol spray – US) = A$3.8M (est market size of A$400m in 2012)
Animal = A$3m (est market size of A$300m in 2012)
Royalties across these product lines were estimated to range from 8%-12% of net sales
unfortunately ACR has had limited success to date with these products - i'm hoping this can be changed under the lead of a new CEO?
Ann: Marketing Approval Granted for Estradiol Spray South Africa, page-3
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