Perrigo sells some preclinical assets to Imago

US heath care firm Perrigo (NYSE: PRGO) says it has transferred a portfolio of preclinical research assets, which it recieved through its  acquisition of Elan Corp, to drug discovery and development company, Imago Pharmaceuticals.

Under the terms of the agreement, Perrigo will receive an upfront payment in addition to multiple development-related milestone payments and royalties on any future sales derived from the portfolio. The deal was announced today along with Perrigo’s acquisition of the  Women’s Healthcare business of Lumara for around $82 million.

Perrigo's chairman and chief executive, Joseph Papa, stated: "This transaction demonstrates our commitment to focusing our development efforts to those projects where we can best fulfill our 'Quality, Affordable Healthcare Products' mission. Through this sale, we are putting this promising portfolio in the hands of the Imago team to use their expertise to progress them through the development process and, hopefully, improve the lives of patients in the future."