DURECT strikes deal with Impax to get Eladur back into development

|About: Impax Laboratories, Inc. (IPXL)|By:, SA News Editor

Impax Labs (IPXL -1.7%) and DURECT (DRRX +5.6%) announce a development and commercialization agreement for the PHN patch, Eladur.

IPXL is paying $2M upfront for exclusive worldwide rights.

Additional payments could reach $61M depending upon "the achievement of predefined development and commercialization milestones."

DRRX also gets royalties assuming the patch reaches the market.

IPXL is controlling and funding development. (PR)