Acura Pharmaceuticals, Inc. (ACUR) said Friday it was provided notice on July 26 by pharmaceutical company Pfizer Inc. (PFE) that it is exercising its right to terminate the license to three development stage products using Acura's AVERSION Technology and return such products to Acura.
The termination will become effective in 12 months under the terms of Acura's License Agreement with a subsidiary of Pfizer.
A fourth product utilizing Acura's AVERSION Technology, OXECTA Tablets CII, is being commercialized by Pfizer and Pfizer will retain all rights and obligations to OXECTA under the License Agreement.
The products being returned are oxycodone hydrochloride with acetaminophen, hydrocodone bitartrate with acetaminophen and another undisclosed opioid.
Bob Jones, President and Chief Executive Officer of Acura Pharmaceuticals, said, "We are pleased to regain control of these tamper-resistant opioid products because we continue to believe they hold promise in combating widespread prescription opioid abuse. We will evaluate our strategy for these products over the coming months, including possible partnering with alternative strategic partners, and will work with Pfizer to exercise our rights under the Pfizer Agreement for the transition of these products back to us."
Acura noted that it plans to report financial results for the second quarter of 2012 on July 30.
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