DURECT strikes deal with Impax to get Eladur back into development

• 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)