Pain Therapeutics Gets $150 Million In King Pharmaceuticals®, Inc. Deal
SOUTH SAN FRANCISCO, Calif., Jan. 3 /PRNewswire-FirstCall/ -- Pain Therapeutics, Inc. (Nasdaq: PTIE - News) today announced the closing of a strategic alliance with King Pharmaceuticals, Inc. (NYSE: KG - News). In connection with the closing, Pain Therapeutics received a cash payment of $150,000,000 from King Pharmaceuticals.
Pain Therapeutics and King Pharmaceuticals jointly announced in November 2005 they had entered into a strategic alliance to develop Remoxy(TM) and other abuse-resistant opioid painkillers. The value of this alliance could exceed $400 million, plus royalties. This alliance is now successfully closed following the satisfaction of all closing conditions, including expiration of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
About Pain Therapeutics, Inc.
We are a biopharmaceutical company that develops novel drugs. We have two lead drug candidates in late-stage clinical trials, Remoxy and Oxytrex(TM). Both drugs are in Phase III programs and are aimed at different segments of the multi-billion dollar market to treat severe chronic pain, such as low-back pain or pain due to osteoarthritis.
Source: Pain Therapeutics, Inc.