Elite links up with SunGen on generic drug development

30 August 2016

US specialty pharma company Elite Pharmaceuticals (OTCMKTS: ELTP) saw its shares leap 14.5% to $0.19 after it announced a deal with generic drugmaker SunGen Pharma

Elite, which develops abuse-deterrent opioids and niche generic products, yesterday announced it has entered into a development and license agreement with SunGen to collaborate to develop and commercialize four generic pharmaceutical products.

Under the terms of the accord, Elite and SunGen will share in the responsibilities and costs in the development of the products. Upon approval, the products will be owned jointly by the two companies. SunGen will have the exclusive right to market and sell two of the products using SunGen’s label and Elite will have the exclusive right to market and sell two of the products using Elite’s label. Elite will manufacture and package all four products on a cost plus basis.

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