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news.Elan Corporation has licensed Paladin Labs an exclusive marketing and selling rights of controlled release hydrocodone product in Canada as a treatment for moderate to severe pain.
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The agreement has been signed between an affiliate of Elan and Paladin.
As per the terms of the agreement, Paladin is responsible to an undisclosed upfront and milestone payment to Elan.
Additionally, Paladin is also entitled to pay manufacturing fees and royalty payments depending on the sales of the product upon commercialization.
The product, which incorporates Elan’s proprietary SODAS technology, offers controlled-release profile which utilizes both immediate release and extended release properties designed to enable twice daily dosing.
Currently, the product is in two pivotal Phase III trials in the US and is expected to be filed for Health Canada approval in the second half of 2012.