Company news

Share this article:

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.
 
Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

AstraZeneca takes on pediatricians

The American Academy of Pediatricians says an AstraZeneca drug for preemies should be used less often, and the drugmaker is fighting back with an ad campaign that says the new guidelines put too many at risk.

UK generic use soared in 2013

Generics made up almost 75% of prescriptions in the United Kingdom last year.

GSK refutes consumer spin-off rumor

The company refutes a Financial Times rumor that one was happening soonish.