Vancouver's Neuromed Pharmaceuticals Ltd. has signed a $30 million licensing deal for the exclusive U.S. rights to market a chronic pain drug developed by ALZA Corp., a California-based subsidiary of Johnson & Johnson.
The licensing agreement is aimed at further diversifying the UBC spinoff's chronic pain drugs that being developed and providing the privately-held Neuromed with an income stream.
The Oros Hydromorphone drug is in Phase 3 development. While it has already been approved in Germany and other European countries, it still requires U.S. Federal Drug Administration approval.
Neuromed said a successful clinical trial will be needed to support approval of the drug in the U.S.
Neuromed will market the drug in the U.S.; ALZA will retain the rights to develop and market its product in other countries.