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news.Eurand has entered into a deal worth up to $42 million with GlaxoSmithKline to develop a new formulation of one of GSK's exisiting treatments.
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Eurand's Microcaps technology, which will be used in the process, is a precise coating technique used to encapsulate individual drug particles which can mask taste and provide sustained release tablets. AdvaTab is a fast dissolve technology used in tablets.
Under the terms of the agreement, GlaxoSmithKline will fund the development of the product and Eurand will receive royalties on product sales. GSK will have exclusive rights in the US to commercialize the new product, and GSK and Eurand each have certain rights to commercialize the product outside of the US. Eurand will retain exclusive, worldwide manufacturing rights.
It is expected that the companies will commence clinical trials under the agreement in 2006 and apply for marketing authorization in the US by the end of 2007.
“The combination of our Microcaps and AdvaTab technologies has received an enthusiastic reception from industry leaders such as GSK and we are currently in advanced contract negotiations with companies in Japan, Europe and the USA for a range of different products,” commented Gearoid Faherty, CEO of Eurand.