AFT and Hikma extend US Maxigesic Cooperation

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand Incorporated in
New Zealand ARBN: ARBN 609 017 969 investor.relations@aftpharm.com


26 MAY 2025
AFT and Hikma extend US Maxigesic Cooperation
AFT Pharmaceuticals (NZX:AFT, ASX:AFP) today announces it has extended its US
Maxigesic
®
licensing agreement with Hikma Pharmaceuticals. The new agreement is
aimed to maximise the commercial and patient care benefits that come with
following the intravenous form of the pain relief medicine (marketed as
Combogesic
®
IV in the US) in postoperative care with the tablet form of the medicine
(Combogesic Rapid).
The agreement will see Hikma take over all channels for Combogesic Rapid in the US
— apart from the license granted to Alexso for certain specific market categories —
allowing both forms of AFT’s patented medicines to be marketed across the entire
US market. The US is the world’s largest market for pain relief
1
.
AFT and Hikma have also agreed to a restructure of the profit share arrangements
for Combogesic IV and tablets. The agreement amends the previous profit share
which featured a fixed specified profit amount before sharing commenced, to now
being a regular quarterly profit share payment. AFT will be more involved in the sales
and marketing planning for Combogesic IV and Rapid, also making a contribution
towards marketing.
AFT sees potential for the new agreement to deliver greater commercial benefits
than envisaged by the original agreements with Hikma
2
, one of the largest suppliers
of injectable medications by volume in the US.
AFT Pharmaceuticals Managing Director Dr Hartley Atkinson said: “We are pleased
to have reached this agreement with Hikma. Since the launch of Maxigesic IV last
year, feedback from the market is that clinicians wish to follow non-opioid
intravenous relief of mild to moderate pain with the tablet therapy – an approach
that offers non opioid relief through all stages of recovery.
“The extension of the agreement with Hikma will allow delivery of this therapeutic
option more effectively across the US. In so doing, we can not only help clinicians to
offer comprehensive non-opioid pain relief, but we can also maximise the
opportunity we see for both medicines in this market.”
Dr Atkinson said he looked forward to progress with the two medicines in the US.

1
https://www.mordorintelligence.com/industry-reports/pain-management-market
2
The intravenous licensing agreement provided for upfront, regulatory, and commercial milestone payments of up to
US$18.8 million (of which US$6 million was received in 2024) for the commercialisation of Combogesic IV as well as a
profit share from in market product sales. Milestones remain unchanged. These payments were to be shared with AFT
and it development partner Hyloris Pharmaceuticals. AFT did not disclose commercial terms other than a profit share
arrangement for the Combogesic Rapid agreement with Hikma.

2

“US healthcare costs associated with opioid abuse are estimated at US$11 billion a
year
3
. With 6% of patients administered an opioid postoperatively going on to
consume the medicine chronically
4
, the two forms of Combogesic offer clinicians an
opportunity reduce the risks associated with the effective management of post
operative pain.”
Released for and on behalf of AFT Pharmaceuticals Limited by Malcolm Tubby, Chief
Financial Officer.
For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232
About AFT Pharmaceuticals
AFT is a growing New Zealand based multinational pharmaceutical company that
develops, markets, and distributes a broad portfolio of pharmaceutical products
across a wide range of therapeutic categories which are distributed across all major
pharmaceutical distribution channels: over the counter (OTC), prescription and
hospital. Our product portfolio comprises both proprietary and in-licensed products,
and includes patented, branded, and generic drugs
5
. Our business model is to
develop and in-license products for in our markets of Australia, New Zealand,
Singapore, Malaysia, Hong Kong, USA, Canada, EU ex Ireland and UK, and to out-
license our products to local licensees and distributors to over 125 countries around
the world. For more information about the company, visit our website
www.aftpharm.com.



3
https://premierinc.com/newsroom/press-releases/opioid-overdoses-costing-u-s- hospitals-an-estimated-11-billion-
annually
4
https://jamanetwork.com/journals/jamasurgery/fullarticle/2618383