Futura Medical, a pharmaceutical group that develops innovative products for consumer healthcare, has signed an agreement with Church & Dwight Co., for the marketing and distribution of CSD500, Futura's new condom product under the Trojan brand.
Under the terms of the agreement, Church & Dwight will hold the rights to manufacture, market and distribute CSD500 in North America and in a number of key European territories.
The company said that details of the deal will not be disclosed, but did reveal that it will receive an upfront payment and royalties on all product sales, along with certain minimum performance guarantees.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
James Barder, Futura's Chief Executive, said: "We are delighted to sign this pivotal agreement with Church & Dwight for the marketing of CSD500 as a Trojan-branded condom in North America and in key territories in Europe. Trojan is one of the world's biggest condom brands and the number one brand in North America.
"The agreement is in line with the board's preferred strategy of licensing CSD500 on a geographic basis to condom distributors that hold leading positions in their regions. We continue to negotiate CSD500 rights for other major territories and believe that this strategy will create optimal value for shareholders."
Futura's share price climbed 9.82% to 61.50p by 13:32.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published