Pursuant to the license agreement, TAGI Pharma is expected to market and sell four Elite generic products in the US, Puerto Rico and Canada. Elite will receive a license fee and milestone payments.
Elite Pharma has also taken over an abbreviated new drug application (ANDA) for a generic product from Epic Pharma. The product is now licensed to Precision Dose.
Elite Pharma chairman and CEO Jerry Treppel said that the agreement with Precision Dose and TAGI Pharma and the acquisition of an additional generic product continue Elite’s strategy of leveraging the manufacturing and development expertise of the company into products that can generate positive cash flow to support and expand research activities.