Indian drugmaker SkyePharma has completed negotiations with Mundipharma International Holdings Limited through which it will reacquire the rights for the marketing and distribution of DepoBupivacaine in Europe and other international markets, excluding the U.S., Canada and Japan.
The company will also obtain rights to the clinical data from the Phase II trials of DepoBupivacaine. This is expected to simplify the ongoing divestment process of SkyePharma's injectables unit.
As per an agreement announced in April 2005, SkyePharma has received $10 million from Mundipharma, primarily to fund clinical trials for DepoBupivacaine. SkyePharma will now pay $5 million for the marketing and distribution rights and for data generated during the Phase II clinical program.
DepoBupivacaine is an extended-release injectable formulation of the local anesthetic bupivacaine. Local anesthetics temporarily block the transmission of pain signals along nerve fibers.