BioMimetic Therapeutics, Inc. has announced that it is selling the manufacturing rights for GEM 21S -- its grafting material for bone and periodontal regeneration -- to Luitpold Pharmaceuticals, Inc. BioMimetic will receive $40 million plus royalties.
Luitpold already has global marketing, sales, and distribution rights for GEM 21S. After the transaction, the company will have the downstream formulation, as well as fill and finish manufacturing rights for the product. GEM 21S has been approved for use in the U.S. and Canada, and an approval from Europe is pending.
"We have been pleased by the dental community’s reaction to GEM 21S, both in terms of the scientific accolades and early product sales," said Mary Jane Helenek, president and CEO of Luitpold Pharmaceuticals. "As the foremost synthetic biologic product for dental applications, GEM 21S has proven itself to be an excellent addition to our Osteohealth Company product line."