Par Pharmaceuticals gets $20 million for drug rights
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- February
- 27
Par Pharmaceutical Cos. Inc., which has operations in Chestnut Ridge, said this morning that it has returned the marketing rights for a drug for diarrhea to Optimer Pharmaceuticals Inc. of San Diego in return for $20 million.
Par and Optimer had had an agreement to develop the drug Difimicin. Optimer will continue to develop the drug.
Par was a selling shareholder in Optimer’s initial stock offering and received $6.8 million from the sale of 1.05 million shares. Par will also get $5 million from Optimer when certain goals regarding the drug are met. Par will also get royalties from Optimer based on sales of the drug.
Par shares closed yesterday at $24.86, down 26 cents.
This entry was posted
on Tuesday, February 27th, 2007 at 10:55 am by Allan Drury.
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