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news.US-based NovaDel Pharma has sold its ZolpiMist new drug application (NDA) to Amherst Pharmaceuticals as part of its intention to liquidate the company or seek another business opportunity.
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In March this year, NovaDel announced its plans to sell all assets with the intention of liquidating the company and distributing its remaining cash to shareholders.
With the sale of ZolpiMist NDA, the company has completed the sale of all of its pharmaceutical assets.
The deal also includes the NovaDel patents and trademarks covered by its license agreement with ECR Pharmaceuticals for US rights to ZolpiMist as well as the license agreement itself.
International patents and trademarks for ZolpiMist are also included in the transaction.
The consideration for the sale was the assumption of the FDA fees, interest and penalties of about $2,200,000 relating to ZolpiMist owed by NovaDel up to the closing of the transaction.
Additionally, Amherst will pay NovaDel a 10% royalty on the sales of ZolpiMist aggregating a maximum payment of $500,000 with an annual minimum of $150,000.
Amherst expects to commercially develop ZolpiMist by positioning it as an alternative to oral zolpidem tablets.