Furiex Pharmaceuticals, Inc. Says Johnson & Johnson Returns Sexual Dysfunction Drug Rights

Furiex Pharmaceuticals Inc said its partner Johnson & Johnson returned the worldwide rights for its oral drug to treat premature ejaculation. Furiex said it has licensed the rights of the drug to European pharmaceutical company Menarini in Europe, most of Asia, Africa, Latin America and the Middle East for $15 million in cash. Furiex will also get up to $60 million if the drug clears certain regulatory and sales milestones. The drug, Priligy, which is still not approved in the United States, is marketed by J&J unit Janssen Pharmaceutica in 15 countries in Europe, Asia and Latin America.