Otsuka unit turns its back on migraine drug
Avanir Pharmaceuticals, a subsidiary of Japanese drugmaker Otsuka (TYO: 4768), is ending its licensing agreement with Optinose (Nasdaq: OPTN) for the intranasal migraine medication Onzetra Xsail (sumatriptan nasal powder).
The deal allowed Avanir to develop and commercialize the drug in the USA, Canada and Mexico, but this will not now happen despite Optinose having received aggregate cash payments of $70 million in connection with the initial signing and subsequent payments.
Upon termination of the agreement on March 10 next year, Optinose may elect to continue to commercialize Onzetra Xsail itself or through a new licensee.
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