Adamis Pharmaceuticals to buy inhaler tech from 3M

|About: 3M Company (MMM)|By:, SA News Editor

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)