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.
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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.
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