WASHINGTON (dpa-AFX) - Avanir Pharmaceuticals Inc. (AVNR) and Concert Pharmaceuticals, Inc. announced that they have entered into an exclusive license agreement that provides Avanir worldwide rights to develop and commercialize Concert's deuterium-modified dextromethorphan or d-DM for the potential treatment of neurological and psychiatric disorders. The agreement includes the rights to multiple deuterium-modified dextromethorphan compounds.
As per the terms of the agreement, Concert will receive an upfront payment and is eligible to receive additional milestone payments upon achievement of certain predefined clinical, regulatory and commercial targets as well as tiered royalties on worldwide sales of products containing d-DM.
Avanir will have overall responsibility for research, development and commercialization of d-DM. Concert will provide manufacturing support for investigational new drug enabling studies.
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