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news.Par Pharmaceutical has received $20 million for returning the rights for Difimicin, an investigational drug to treat clostridium difficile-associated diarrhea, to Optimer Pharmaceuticals.
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Difimicin was the subject of a joint development and collaboration agreement between the two companies in May 2005. Optimer will continue to develop Difimicin, which is expected to enter phase III clinical trials in March.
For returning Difimicin marketing rights, Par received $20 million from Optimer. As part of the agreement, Par participated as a selling shareholder in Optimer's initial public offering and received $6.8 million in net proceeds. Par's holdings in Optimer now total approximately 1.26 million shares of common stock.
Also, under the terms of the agreement, Par will receive a $5 million milestone payment from Optimer upon the earliest of three events. Under terms of the agreement, Par will also receive royalty payments.
“This collaboration with Optimer has gone very well, with Difimicin expected to enter phase III next month,” said Paul Campanelli, executive vice president, Business Development and Licensing. “Our strategy, though, is to redirect resources toward timelier business development opportunities, so that we might bring to market at least one more branded product before the end of 2007.”