BRISTOL, Tenn., Dec. 9 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) announced today that the Company has entered into a
co-exclusive license agreement with Mutual Pharmaceutical Company, Inc. Under
the terms of the agreement, each of the parties has granted the other a
worldwide license to certain intellectual property, including patent rights
and know-how, relating to metaxalone. The intellectual property licensed to
King relates to the potential for improved dosing and administration of
metaxalone.
Pursuant to the agreement, King will pay Mutual an upfront payment of $35
million and royalties on net sales of products containing metaxalone. The
royalty rate will vary depending on the achievement of certain regulatory and
commercial milestones and future net sales of metaxalone products.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated
branded pharmaceutical company. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and
the strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management.
SOURCE King Pharmaceuticals, Inc.
 back to top
Related links:
http://www.kingpharm.com
Company News On-Call:
http://www.prnewswire.com/comp/120319.html
CONTACT:
James E. Green, Executive Vice President,
Corporate Affairs, +1-423-989-8125, or David E. Robinson, Senior
Director, Corporate Affairs, +1-423-989-7045, both of King
Pharmaceuticals, Inc.
|
