LABOPHARM CHOOSES PURDUE PHARMA TO MARKET TRAMADOL
Labopharm has announced that it has secured a U.S. partner to market and distribute its once-daily painkiller Tramadol, which is not yet approved in the U.S. The Laval, Quebec-based drugmaker said it has granted Purdue Pharma, the right to market, sell and distribute the painkiller in the U.S.
Labopharm has completed two late-stage clinical trials and expects to submit its new drug application to the FDA before the end of the year.
Under the terms of the Purdue Pharma agreement, Labopharm will receive payments of up to $170 million, including an up front licensing fee of $20 million and a payment of up to $40 million upon U.S. regulatory approval.