Verus Pharmaceuticals divestiture of Pediatric Asthma development programs to AstraZeneca

26-Sep-2007

Verus Pharmaceuticals, Inc. announced that AstraZeneca has acquired its pediatric asthma development programs. Included in the transaction are the North American rights to a Captisol® enabled budesonide solution (controller medication), a proprietary short-acting beta agonist solution (rescue medication), a customized version of eFlow® (novel nebulizer delivery device) for use with both medications, and other intellectual property and related assets from Verus.

Under the terms of the agreement, Verus is to receive an upfront payment of $30 million, development expense reimbursements, and a potential earn-out payment of $280 million. No further terms have been disclosed.

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