BRISTOL, Tenn., Dec. 9 /PRNewswire-FirstCall/ -- King Pharmaceuticals, Inc. announced today that the Company has entered into a co-exclusive license agreement with Mutual Pharmaceutical Company, Inc. Under the terms of the agreement, each of the parties has granted the other a worldwide license to certain intellectual property, including patent rights and know-how, relating to metaxalone. The intellectual property licensed to King relates to the potential for improved dosing and administration of metaxalone.
Pursuant to the agreement, King will pay Mutual an upfront payment of $35 million and royalties on net sales of products containing metaxalone. The royalty rate will vary depending on the achievement of certain regulatory and commercial milestones and future net sales of metaxalone products.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and product life-cycle management.
King Pharmaceuticals, Inc.
CONTACT: James E. Green, Executive Vice President, Corporate Affairs,+1-423-989-8125, or David E. Robinson, Senior Director, Corporate Affairs,+1-423-989-7045, both of King Pharmaceuticals, Inc.
Web site: http://www.kingpharm.com//
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