BRIDGEWATER, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (NVDL.PK) has sold its ZolpiMist® New Drug Application to Amherst Pharmaceuticals, LLC. The transaction also includes the NovaDel patents and trademarks covered by NovaDel’s license agreement with ECR Pharmaceuticals Co., Inc. for US rights to ZolpiMist as well as the license agreement itself. Also included in the transaction are the international patents and trademarks for ZolpiMist.
The consideration for the sale was the assumption of the FDA fees, interest and penalties relating to ZolpiMist owed by NovaDel up to the closing of the transaction. These fees, interest and penalties approximate $2,200,000. In addition, 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.
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