French drug firm Ipsen (IPN.FR) said Friday that it has reached a license agreement with Swiss specialty pharmaceutical company Santhera Pharmaceuticals (SANN.EB) for the development and sale of fipamezole outside North America and Japan.

The drug is under investigation for the treatment of dyskinesia in Parkinson's disease, with a first Phase III study scheduled for 2011, Ipsen said in a statement.

Under the agreement, the French biopharmaceutical group has the rights to fipamezole outside the U.S., Canada and Japan for an upfront payment of EUR13 million and additional payments of up to EUR128 million contingent to future development, regulatory and sales milestones. In addition, Santhera is entitled to royalty payments on Ipsen's future sales.

-By Angeline Benoit, Dow Jones Newswires; +33 1 4017 1740; angeline.benoit@dowjones.com
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