Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Durect Inks Lucrative Nycomed Pact [Business Week]
Summary: Pharmaceutical company Durect Corp. recently announced a $200 million joint development contract with Danish drugmaker Nycomed to develop its Posidur postoperative pain treatment. Durect wil get an upfront fee of $14 million as well as future milestone payments of up to $188 million. Durect shares were up 20.3%, to $4.57 in aftermarket trading. According to Durect CEO James Brown, "Nycomed has an extensive hospital-based salesforce and will provide a dedicated salesforce to promote Posidur, which complements Nycomed's existing portfolio of pain management and hospital products." The companies will equally fund development of Posidur and Nycomed will hold exclusive marketing rights in Europe and other select countries, while Durect retains North American and Asian rights.
Related links: Commentary: Painkiller Deal Good News for Durect Corp..
Potentially impacted stocks and ETFs: Durect Corp. (NASDAQ:DRRX).
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