Organon (OGN) said Monday it has completed a global licensing deal with Sebela Pharmaceuticals that gives it exclusive rights to Miudella, a hormone-free, copper intrauterine device.

Under the terms of the agreement, which were announced in February, Organon was to pay $27.5 million at closing, with potential sales-based milestone payments of up to $505 million, as well as tiered double-digit royalties based on net sales.

The company said Miudella is the first hormone-free copper intrauterine device to be introduced in the US in more than 40 years.