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news.Sciele Pharma has acquired the global rights for "PSD502" from Plethora Solutions, a wholly-owned subsidiary of Plethora Solutions Holdings. Under this agreement, Sciele has made a total payment of $8.4 million to Plethora, its debt holders, and the inventor of the product.
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Sciele will share development costs for PSD502 for non-US territories and pay royalties to Plethora on non-US revenues.
Ed Schutter, President and COO, Sciele Pharma, said: “we are pleased to extend our commitment to PSD502 beyond the US market, and we expect to file for regulatory approval in Europe and the US during the first half of 2010. We will look at various options to commercialize PSD502 in Europe and other geographic territories.”