Navamedic ASA and Orion Corporation have signed a non-binding term sheet for a licensing- and supply agreement for Flexilev®, including the Orafid dispenser, across Europe, not including Sweden, Norway, Denmark, and Iceland, where Navamedic will market and sell the product. Flexilev® is a novel prescription treatment for Parkinson's disease and was added to Navamedic's product portfolio following the acquisition of Sensidose AB in May 2023. Orion and Navamedic have agreed to enter into a final agreement by the end of the first quarter of 2024.

Through the intended agreement, Orion will be granted the exclusive right to market, distribute and sell Flexilev® in 27 countries in Europe, including the "big five": Germany, France, Italy, Spain and the UK. Orion will be the marketing authorization (MA) holder in their territory and assume all rights and responsibilities as the MA holder. Furthermore, Orion will be granted the right to use Navamedic's trademarks for the product.

The intended licensing agreement will consist of a non-refundable upfront payment of 2mEUR to Navamedic, upon signature of the agreement. Additionally, Navamedic is entitled to milestone payments of up to 3.5 mEUR upon reimbursement approval in key countries, as well as royalties, and sales milestone payments. Any potential future sales-based revenues to Navamedic will be dependent upon the sales of Flexilev®.