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news.IntelliPharmaCeutics, a Canadian specialty pharmaceutical company, has entered into an agreement with Par Pharmaceutical, for the development of an unnamed generic controlled release drug product for the US market.
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Under the agreement, IntelliPharmaCeutics will develop the controlled release product, and Par will submit the abbreviated new drug application (ANDA) to the FDA and provide regulatory and legal support for the applications.
IntelliPharmaCeutics will receive milestone payments during the development of the product and filing incentives. The companies will share in the net profits from sales of the resulting products, and Par will retain all US marketing rights.
“We are very happy to be working with Par on this significant product. We believe that our expertise in developing controlled release products and Par’s support, marketing experience, and promotional reach will ensure its commercial success,” commented Dr Isa Odidi, CEO of IntelliPharmaCeutics.