Egalet terminates drug collaboration with Shionogi

|About: Shionogi & Co., Ltd. (SGIOY)|By:, SA News Editor

Specialty pharmaceutical firm Egalet (OTC:EGLT -2.6%) says it's terminating a collaboration with Shionogi Limited (OTCPK:SGIOY) around an abuse-deterrent, extended-release hydrocodone candidate.

The move ends a two-year relationship and means Egalet gains worldwide rights to the Phase 1 product candidate.

The deal had means upfront and milestone payments totaling $20M and an investment of $15M in its stock connected to its 2014 IPO. Egalet says it terminated the deal "with the change in [Shinogi's] internal priorities."

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