WASHINGTON (dpa-AFX) - Endo Pharmaceuticals (ENDP) Friday said it has signed a global license and development agreement with BioDelivery Sciences International, a pharma company based in the U.S., for its drug candidate, BEMA Buprenorphine.
Buprenorphine, a drug for treatment of moderate to severe chronic pains, is currently undergoing phase III trials.
As per the agreement, Endo Pharmaceuticals will pay $30 million to BioDelivery initially and up to $150 million in milestones contingent upon achievement of pre-defined, late state clinical and regulatory events and achievement of certain sales target. The agreement also includes royalties of net sales.
Thursday, Endo Pharmaceuticals shares closed at $34.44 on the Nasdaq.
Copyright RTT News/dpa-AFX
