3M (MMM) agrees to license and then sell its Taper Dry Powder Inhaler (DPI) technology, which is being developed to treat asthma and chronic obstructive pulmonary disease, to Adamis Pharmaceuticals Pharmaceuticals (ADMP.OB +5%).
3M will also supply the drug delivery tape for the platform to Adamis under a separate agreement.
The DPI is being developed to compete with other dry powder inhalers such as GlaxoSmithKline's Advair Diskus, which generates $13B a year. Adamis intends to develop a branded generic version using 3M's Taper DPI tech.
Adamis will pay an undisclosed fee for the license and then a further amount before December in order to acquire the tech. (PR)