Egalet ends partnership with Shionogi to develop hydrocodone drug candidate
US biotech firm Egalet Corp (Nasdaq: EGLT) said it has gained worldwide rights to the hydrocodone drug candidate following the termination of the collaboration agreement with Japanese drug major Shionogi (TYO: 4507).
The company said the partnership for Phase I product candidate, S-718632, which began in November 2013, was ended due to Shionogi's internal prioritization process.
Bob Radie, chief executive of Egalet, said: "We have appreciated our productive collaboration with Shionogi and with the change in their internal priorities, we now gain worldwide rights to this Phase I abuse-deterrent, extended-release hydrocodone product candidate to advance. In addition, we continue to focus on commercializing our approved products and moving our late-stage Guardian Technology product candidates forward."
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