ELAN GRANTS ABBOTT, ASTRAZENECA NANOCRYSTAL TECHNOLOGY RIGHTS

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Abbott Pharmaceutical and AstraZeneca have been granted the U.S rights to use Irish drugmaker Elan's NanoCrystal technology to develop fixed-dose combination products.

Under the terms of the agreement, Elan will receive payments upon the achievement of development, clinical, and regulatory milestones for such new products.

Additionally, Elan will receive royalty payments based on U.S sales of the products if successfully developed and commercialized.