King, Acura sign agreement to develop pain killers
BRISTOL, Tenn. and PALATINE, Ill. King Pharmaceuticals and Acura Pharmaceuticals have entered into an agreement to license, develop and commercialize four immediate release opioid analgesic products, including the drug Acurox, for the treatment of moderate to severe acute pain, according to CNN’s Money Web site.
King will receive an exclusive license for the drug in Mexico and will commercialize the product in the U.S., when the application is approved by the Food and Drug Administration.
Under the agreement, King will make an upfront payment of $30 million to Acura. Development and regulatory milestones could make King pay Acura up to $28 million relating to the drug and other payments with respect to each product developed using Acura’s Aversion Technology, which is used for product development.
King will reimburse Acura for all research and development expenses incurred from Sept. 19 for Acurox. For all products under the agreement, Acura will receive a royalty in the range of 5 percent to 25 percent based on combined annual net sales. King will also pay Acura a one-time cash payment of $50 million.
Haggerty appointed Mylan senior VP and global general counsel
PITTSBURGH, Pa. Mylan has announced that Joseph Haggerty has been appointed as senior vice president and global general counsel.
Haggerty will manage and oversee all legal issues and the provision of legal services, counsel and advice globally to all members of Mylan’s senior management, as global general counsel.
Haggerty joins Mylan from Sanofi-Aventis, where he served as vice president, general counsel, and corporate secretary.
“I am thrilled to be joining Mylan at this exciting time in the company’s history,” Haggerty said. “I look forward to joining the already impressive global management team and supporting them and their operations with my counsel as Mylan becomes one of the leading quality generic and specialty pharmaceutical companies in the world.”
Depomed and King terminate Glumetza agreement
MENLO PARK, Calif. and BRISTOL, Tenn. Depomed and King Pharmaceuticals have terminated their promotional agreement for Glumetza, a drug used to treat Type 2 diabetes.
Under the agreement, King has paid Depomed $30 million in termination and other fees. King will fulfill its promotion obligations through the end of 2007 and Depomed will not pay a promotion fee to King for the quarter ending on Dec. 31.
Carl A. Pelzel, president and chief executive officer of Depomed said that, “Our joint efforts in launching Glumetza have demonstrated the product’s value to patients and its commercial potential. Discussions with potential new marketing partners for Glumetza are already underway. We are confident that we can identify a partner that will assist us in continuing to drive growth in the primary care, endocrinology and other key healthcare markets. In the meantime, a portion of the proceeds from this termination agreement will be earmarked for the continued marketing and promotion of Glumetza.”