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Elite Pharmaceuticals, Inc.

Drug Names(s): ELN-154088, OxyQD, once-daily oxycodone HCl

Description: ELI-154 is a once-daily formulation of oxycodone. Oxycodone is a semi-synthetic narcotic with multiple actions qualitatively similar to those of morphine; the most prominent of these involve the central nervous system and organs composed of smooth muscle. The principal actions of therapeutic value of oxycodone are analgesia and sedation.

Deal Structure: Under a Termination Agreement with Elan in 2002, Elite acquired all proprietary, development and commercial rights for the worldwide markets for the products developed by the joint venture. In exchange for this assignment, Elite agreed to pay Elan a royalty on certain revenues that may be realized in the future from the once-a-day Oxycodone product that was in development by the joint venture, if and when FDA approval is obtained. In the future, Elite will be solely responsible for funding product development.

Under the joint venture, Elan had received 409,165 shares of Elite common stock; warrants exercisable at $18.00 per share for 100,000 shares of common stock; and Series A and Series B preferred stock of Elite Labs, which wereconvertible into 764,221 shares and 52,089 shares, respectively, of common stock. Under the Termination Agreement, Elan and its transferees retained the securities, and the shares of Series A and Series B preferred stock wereconverted into common...See full deal structure in Biomedtracker

Partners: Perrigo Company PLC

ELI-154 News

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