Labopharm and Angelini have entered into a joint venture agreement to commercialise Oleptro, an antidepressant drug used to treat major depressive disorders in adults, in the US.

The joint venture, Angelini Labopharm, will be equally owned and initially managed by Labopharm.

Under the agreement, Labopharm will grant Angelini Labopharm the exclusive right to market and sell the drug in the US market.

In consideration of the right, Labopharm will receive $92m and on completion of the transaction, Angelini Labopharm will reimburse Labopharm for the costs it incurred for the drug launch in the US.

Labopharm and Angelini will contribute $14m each to Angelini Labopharm as working capital to support the continued preparation for the launch of the drug.

The commercial launch of the drug in the US market has been planned for the third quarter of this year.