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news.MDRNA, a biotechnology company, has entered into an asset purchase agreement with Par Pharmaceutical, a generic pharmaceutical company, under which Par will acquire the company's manufacturing facilities in Hauppauge, New York as well as the company's abbreviated new drug application for generic calcitonin-salmon nasal spray.
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Under the terms of the agreement, MDRNA will receive upfront cash and double-digit profit sharing on commercial sales of calcitonin. In addition, Par will assume MDRNA’s supply and manufacturing obligations as well as all operating costs associated with the facilities.
Michael French, president and CEO of MDRNA, said: “The agreement with Par represents the final step in our plan to create a company solely focused in the R&D of RNAi-based therapeutics. This transaction significantly reduces our non-RNAi related expenses, provides revenue from the commercial sales of calcitonin, and permits the seamless transition of the manufacturing obligations without disrupting our current customers’ supply demands.
“We will continue to look for means of monetizing the legacy nasal assets and remain focused on building value around our RNAi drug discovery platform.”