GlaxoSmithKline divests rights to Treximet to Pernix for $250 million

UK pharma giant GlaxoSmithKline (LSE: GSK) will divest all of its rights to migraine drug Treximet) (sumatriptan/naproxen sodium), US rights to which it had acquired from USA-based Pozen (Nasdaq: POZN) in 2003, to Pernix Therapeutics (Nasdaq GM: PTX).

As part of the divestiture, GSK will assign the product development and commercialization agreement between Pozen and GSK to Pernix, and Pozen and Pernix will amend the agreement to address rights of the parties and future development.

Pernix will make an upfront payment to GSK of $250 million for the US rights to Treximet. The company will purchase existing inventory from GSK and GSK will continue to manufacture Treximet in the near future under a long-term supply agreement with Pernix