Titan has extensive expertise in pharmaceutical product development and plans to pursue commercial partnerships at the appropriate time in the development cycle of its products, adding value to Titan in the short- and the long-term. In 2012, Titan licensed the commercial rights to Probuphine in the U.S. and Canada to Braeburn Pharmaceuticals, valued at over $200 million in milestone payments, excluding tiered royalties in the mid-teen to low twenty percent of net sales.
Under the partnership, Titan received an upfront milestone of $15.75 million in 2012 and a milestone of $15 million in 2016 after the FDA approved Probuphine for the maintenance treatment of opioid addiction. At the end of May 2018 Titan and Braeburn mutually agreed to terminate the partnership. Titan received a payment of $1 million from Braeburn along with a commitment to assist Titan through December 2018 in the transition of the U.S. commercial activities associated with Probuphine. The rights to market Probuphine in Canada have been licensed to Knight Therapeutics.
Molteni Farmaceutici of Italy has acquired the Probuphine related European intellectual property from Titan, and upon regulatory approval the company will supply the product to Molteni for the European and select other territories. Titan is also considering strategic partnerships and licensing agreements for the delivery of other proprietary compounds utilizing the ProNeura technology.