KING PHARMA, PAIN THERAPEUTICS TEAM ON DRUG

King Pharmaceuticals Inc. (KG.N: Quote, Profile, Research) said on Thursday it entered a strategic alliance with Pain Therapeutics Inc.(PTIE.O: Quote, Profile, Research) to develop and sell a long-acting, abuse-resistant form of the painkiller Oxycontin. Under the agreement, King will pay Pain Therapeutics $150 million in cash. If the drug is approved, Pain Therapeutics will receive additional payments up to $150 million, depending on sales volume.

Reuters (http://today.reuters.com/business/newsArticle.aspx?type=health&storyID=nN10168876)