"We look forward to making this product available for surgeons to help alleviate the burden of infections occurring from surgery. A gentamicin surgical implant complements Baxter's surgical portfolio of products for hemostasis and tissue sealing," said Ron Lloyd, vice president and general manager of Baxter's BioSurgery business.
Baxter is a global, diversified healthcare company with many specialty biologic products used in surgical settings for hemostasis, tissue sealing, tissue fixation and adhesion reduction. Innocoll, a privately held biopharmaceutical company, focuses on targeted biodegradable surgical implants and topical products to reduce infection.
"We are very pleased to announce this agreement with Baxter, a recognized market leader in specialty biologics," said Dr. Michael Myers, Innocoll chief executive officer. "We look forward to establishing a strong partnership with Baxter as we prepare for NDA filing and subsequent launch in the U.S. market."
Under the terms of the agreement, Baxter will pay a license fee and will make contingent clinical, regulatory and commercial milestone payments. Baxter will also contribute to the Phase III clinical costs and a portion of the registration fees. Innocoll will be responsible for the continued management of the clinical programs and the regulatory filing. Innocoll will manufacture and supply product to Baxter. In accordance with generally accepted accounting principles, Baxter expects to record a pre-tax charge of approximately $12 million for in-process research and development associated with this transaction in the third quarter of 2008.
About Innocoll, Inc.
Innocoll is a privately held, biopharmaceutical company focused on
biodegradable surgical implants and topically applied healthcare products.
It develops and manufactures a range of pharmaceutical products and medical
devices using its propr
|SOURCE Baxter Healthcare Corporation|
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