(Reuters) - Apricus Biosciences Inc APRI.O said it licensed the Canadian marketing rights of its erectile dysfunction drug to Abbott Laboratories (ABT.N) for about $16 million, sending its shares up 10 percent.
Apricus’ drug Vitaros is approved in Canada and the company has also filed for marketing approval of the drug in the United States.
In 2010, the erectile dysfunction market in Canada was worth about $180 million, according to IMS Health data.
The San Diego, California-based Apricus, which expects Abbott to launch the drug this year in Canada, had licensed the Italian marketing rights of Vitaros to Bracco SpA in 2010.
Shares of Apricus were up 5 percent at $5.65 on Monday afternoon on the Nasdaq. They touched a high of $5.94 earlier in the day.
Reporting by Anand Basu in Bangalore; Editing by Roshni Menon