CHADDS FORD, Pa., Feb. 27 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals (Nasdaq: ENDP) announced today that it has licensed from Grunenthal the exclusive rights to develop and market the investigational drug axomadol in the United States and Canada. Axomadol is a patented new chemical entity discovered by Grunenthal and currently in Phase II development for the treatment of moderate to moderately severe chronic pain and diabetic peripheral neuropathic pain.
Under the license agreement signed by both companies, Endo will pay Grunenthal an upfront cash payment as well as additional payments to Grunenthal that are linked to the achievement of future clinical, regulatory and commercial milestones. In addition, Grunenthal will receive a transfer price including cost of goods and royalties on net sales of the product in the US and Canada. The product will be manufactured by Grunenthal. Endo will participate with Grunenthal in joint product development and commercialization committees and be responsible for all clinical development, product registration, marketing and sales activities in the Endo territories, while Grunenthal will be responsible outside the US and Canada.
Ivan Gergel, M.D., Endo's executive vice president of research and development, said: "We believe axomadol has potential efficacy, safety and scheduling advantages over other current pain therapies that make it a compelling drug development opportunity and new product candidate for Endo. We look forward to working with Grunenthal to continue the development program for this compound and to evaluate further its clinical and commercial potential."
Prof. Eric-Paul Paques, executive board member of Grunenthal responsible for research and development, said: "Endo is an excellent partner for successfully developing and marketing our compound axomadol. We
|SOURCE Endo Pharmaceuticals|
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