King signs licensing deal with Acura |
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Published
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Wed, 31 Oct 2007 13:48
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BRISTOL, Tenn. (AP) - King Pharmaceuticals Inc. said Wednesday it signed a licensing deal with Acura Pharmaceuticals Inc. for a wide range of abuse-resistant pain killers.The companies will initially develop Acurox as a treatment for moderate to severe acute pain. The drug is part of a class of opioid analgesic products. King will pay Acura $30 million upfront in cash.The deal gives King an exclusive license to Acurox and other products using Acura's development technology. King can also license future products developed using Acura's technology.King could make additional payments of up to $28 million for Acurox for development and regulatory milestones and will reimburse Acura for all research and development expenses as of Sept. 19. It will also pay Acura a royalty ranging from 5 percent to 25 percent based on the level of combined annual net sales for all products under the agreement. In addition, it will make a one-time payment of $50 million in the first year in which the combined annual net sales of all products exceed $750 million.Shares of King closed at $10.44 Tuesday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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