Astrazeneca Terminates License Agreement With Map Pharmaceuticals

AstraZeneca has terminated the license agreement with MAP Pharmaceuticals, regarding Unit Dose Budesonide (UDB).

UDB, an investigational treatment for paediatric asthma, was the subject of an initial phase-III clinical trial conducted by MAP Pharmaceuticals. On February 23, 2009, MAP announced that the trial failed to meet its primary endpoints.

In light of the clinical trial results, AstraZeneca exercised its right to terminate the license agreement and expects to record an impairment charge of $44 million in the second quarter results.

AstraZeneca is engaged in the research, development, manufacturing and marketing of prescription medicines and supplier for healthcare services. It is focused in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines.

MAP Pharmaceuticals is dedicated to developing and commercialising new therapies for children and adults suffering from chronic conditions.