King Pharmaceuticals works with Arrow on new formulations of Altace

By Elaine Rigoli

Tampa, Fla., Feb. 16 - King Pharmaceuticals, Inc. announced Thursday that it has entered into a collaboration with Arrow International Ltd. and some of its affiliates to commercialize novel formulations of Altace (ramipril).

King made an upfront payment to Arrow of $35 million. Arrow will also receive payments from King of $50 million based on the timing of certain events and could receive an additional $25 million if conditions are met. Additionally, Arrow will earn fees for the manufacture and supply of new formulations, according to a company news release.

Under a series of agreements, Arrow has granted King rights to current and future New Drug Applications for novel formulations of Altace and intellectual property, including patent rights and technology licenses.

Under certain conditions, Arrow will be responsible for the manufacture and supply of new formulations of Altace for King.

"With this transaction, we believe we have added to our development pipeline promising potential line extensions for Altace, our leading branded ACE inhibitor," said Steve Andrzejewski, chief commercial officer of King, in a company release. "Importantly, we believe this transaction enhances the long-term value of our Altace franchise and is consistent with our strategy to maximize the potential of our existing portfolio of products."

Additionally, King has granted Cobalt Pharmaceuticals, Inc. a non-exclusive right to enter into the U.S. ramipril market with a generic capsule formulation of ramipril, which King would supply. Cobalt is an affiliate of Arrow, but is not a party to the collaboration.

King is a pharmaceutical company based in Bristol, Tenn.

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