New York, NY, United States (4E) – Acura Pharmaceuticals Inc. announced on Thursday that it struck a deal to end Pfizer Inc.’s license for its Aversion technology.
Acura said it regained the Oxecta pain drug product rights, and would pay $2mn to Pfizer under the terms of the termination.
The company is reviewing what it can do to promote the product, which could include a possible relaunch and a new brand name through another pharma firm, said Acura Chief Executive Officer Bob Jones.
Pfizer and Acura agreed a deal in July to increase commercialization of Oxecta to health-care providers in the fourth quarter of last year.
Acura gave the Aversion technology’s exclusive license to Pfizer to be used for the Oxecta drug in the U.S., Canada and Mexico markets. The drug is an immediate-release oxycodone with a tamper-resistant design aimed to inhibit its recreational use.
Acura had received 5 percent to 25 percent tiered royalties on net sales of Oxecta. This year, Acura stock price is down 18 percent.