Horizon Pharma buys US rights to Nuvo's Pennsaid for $45 million
Canadian specialty drugmaker Nuvo Research (NRI: TO) says it has completed the sale of its osteoarthritis pain drug Pennsaid (diclofenac sodium topical solution) US sales and marketing rights to Horizon Pharma (Nasdaq: HZNP) for a cash payment of $45 million (C$50 million) which was payable on closing.
The news pushed Nuvo Research’ shares up nearly 6% to C$5.16 on the Toronto Stock Exchange in morning trading on Friday.
Effective January 1, 2015, Horizon will assume US commercialization of Pennsaid 2% from Nuvo's former US marketing licensee (Mallinckrodt [NYSE: MNK]). Nuvo retains all rights to Pennsaid and Pennsaid 2% outside of the USA and will be seeking a marketing partner or partners for international territories. Nuvo will supply Pennsaid 2% to Horizon for the US market from its Varennes, Quebec, Canada, manufacturing facility under an exclusive long-term manufacturing agreement.
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