August 07, 2007
Avanir Pharmaceuticals has completed the sale of its antipsychotic drug FazaClo to Azure Pharma for an upfront payment of $42 million plus an additional $1.9 million in working capital adjustments. Under the deal, Avanir could receive an additional $10 million in payments in 2009 and up to $2 million in royalties. Avanir said it is using $11 million of the payments to pay down some debt. Financing from this deal should allow the company to operate through the end of the next fiscal year, Avanir said.