Pfizer to finally drop Remoxy development
Shares of Durect Corp (Nasdaq: DRRX) plunged 42.9% to $0.79 after it revealed that pharma giant Pfizer (NYSE: PFE) has decided to discontinue its agreement to develop and commercialize Remoxy (oxycodone) extended-release capsules CII.
Pfizer will return all rights, including responsibility for regulatory activities, to Durect’s partner Pain Therapeutics (Nasdaq: PTIE), whose shares went into meltdown, falling 57.8% to $1.80. As a result, Pain Therapeutics has the rights to develop and commercialize Remoxy on its own or with an alternative licensee. Pain Therapeutics had the rights to develop and commercialize this product candidate under a license from Durect. Pfizer obtained rights to Remoxy as part of its acquisition of King Pharmaceuticals in February 2011.
Pain Thera will seek new partners
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