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news.Cadence Pharmaceuticals has reached an agreement with Bristol-Myers Squibb to license the US and Canadian rights to IV APAP, an intravenous formulation of the widely used pain and fever medication acetaminophen.
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Although no intravenous formulation has ever been available in the US, other formulations of acetaminophen have been available for over 50 years. IV APAP has, however, been marketed in Europe since 2001.
Cadence, which specializes in developing drugs for hospital use, has also revealed that if has received equity financing commitments of $53.8 million from leading life science venture capital investors to fund development of IV APAP and make an upfront payment to Bristol-Myers Squibb.
Under the terms of the agreement, Cadence will receive an exclusive license to develop and commercialize IV APAP in the US and Canada. In return, Bristol-Myers Squibb will receive an up-front payment, additional payments based on the achievement of certain milestones, and royalty payments based on net sales.
“The acute pain management community has long awaited an alternative to currently available intravenous analgesics which are frequently associated with a variety of unwanted side-effects,” stated Dr Raymond Sinatra, professor of anesthesiology at Yale University. “IV APAP has the potential to meet this significant unmet medical need, particularly in the post-operative setting.”