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Par Pharmaceutical partners with IntelliPharmaCeutics to develop generic drug for U.S. market
By E. Janene Geiss
Philadelphia, Nov. 30 - Par Pharmaceutical Cos., Inc. and IntelliPharmaCeutics Corp. announced Wednesday that they have entered into an agreement to develop a generic, controlled release drug product for the U.S. market.
Financial terms were not disclosed, officials said in a company news release.
Under the agreement, IntelliPharmaCeutics will develop the controlled release product and Par will submit the Abbreviated New Drug Application to the U.S. Food and Drug Administration as the U.S. filing agent on behalf of IntelliPharmaCeutics Corp., and will provide regulatory and legal support for the applications, officials said.
Officials said IntelliPharmaCeutics will receive milestone payments during the development of the product and filing incentives.
The companies will share in the net profits from sales of the resulting products, and Par will retain all U.S. marketing rights, officials said.
"We are very happy to be working with Par on this significant product. We believe that our expertise in developing controlled release products and Par's support, marketing experience, and promotional reach will ensure its commercial success," IntelliPharmaCeutics chief executive officer and co-chief scientific officer Isa Odidi said in the release.
IntelliPharmaCeutics is a Toronto, Alta., drug delivery developer, specializing in the controlled and targeted once-a-day delivery of oral, solid dose pharmaceutical products.
Par Pharmaceutical, based in Woodcliff Lake, N.J., develops, manufactures and markets generic pharmaceuticals through its principal subsidiary, Par Pharmaceutical, Inc. The company also is developing an additional line of branded pharmaceutical products, the first of which is Megace ES for specialty markets. Par currently manufactures, markets or licenses more than 90 prescription drugs.
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