Recro Pharma completes acquisition of manufacturing facility and business unit from Alkermes

US drugmaker Recro Pharma (Nasdaq: REPH) has completed its acquisition of assets from Ireland-headquartered biotech firm Alkermes (Nasdaq: ALKS) and its affiliates including worldwide rights to IV/IM meloxicam, a proprietary, Phase III-ready, long-acting COX-2 non-steroidal anti-inflammatory drug (NSAID) for moderate to severe acute pain, and a contract manufacturing facility, royalty and formulation business.

"Completion of this transaction is a significant corporate milestone for Recro Pharma as it provides a second, complementary, Phase III-ready acute pain product to our portfolio, and adds infrastructure and cash flow which may help fund the development of our pipeline in the future," said Gerri Henwood, Recro Pharma's chief executive, adding: "With upcoming top-line data readout of our Post Op Day 1 Phase II trial of Dex-IN mid-year 2015, we are excited for the potential of having two drug candidates in Phase III for the treatment of acute pain by the end of this year."

Financial terms of the transaction