BioDelivery Sciences International (Morrisville) exercised an option to acquire the U.S. rights to QLT USA's (Fort Collins, CO) drug delivery technology.
This acquisition was undertaken concurrently with BioDelivery Sciences International's entry into a license and supply agreement with Meda AB for the commercialization rights to BioDelivery Sciences International's BEMA Fentanyl product in the U.S., Canada and Mexico.
BioDelivery Sciences International anticipates a $30 million non-refundable upfront milestone payment from Meda upon the approval of the required Hart Scott Rodino antitrust review.
"We are following through on our strategic plan, initiated last year, when we acquired the non-U.S. BEMA assets," said Mark Sirgo, BioDelivery Sciences International president and CEO.
"This acquisition was integral to consummating our licensing agreement with Meda last week. By doing so, QLT is eliminated from receiving any future milestone or royalty payments on BEMA Fentanyl or any BEMA product. This brings a tremendous benefit to our stockholders."
Read the complete news release.