DURECT and Sandoz Signs $293 Million Agreement for POSIMIR (SABER-Bupivacaine)

DURECT announced that it has signed a $293 Million Agreement with Sandoz to develop and market DURECT’s POSIMIR (SABER-Bupivacaine) in the United States.

According to the terms of the agreement, Sandoz will make an upfront payment to DURECT of $20 million, with the potential for up to an additional $43 million in development and regulatory milestones, up to an additional $230 million in sales based milestones, as well as a tiered double digit royalty on product sales in the United States. DURECT will remain responsible for the completion of the ongoing PERSIST Phase 3 clinical trial for POSIMIR as well as FDA interactions through approval. Closing of the transaction is anticipated to occur in the second quarter of 2017 and is contingent on completion of review under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.

DURECT Corporation president and CEO, James E. Brown said that they are delighted to collaborate with a company with the market presence and resources of Sandoz to commercialize POSIMIR in the United States. They believe that POSIMIR has the potential to become a cornerstone of multi-modal post-operative pain management. As a non-opioid local analgesic, we believe POSIMIR may be an important contributor to the on-going efforts to reduce the use of opioid-based medications following surgery.

POSIMIR (SABER -Bupivacaine) is an investigational locally-acting, non-opioid analgesic intended to provide up to three days of continuous pain relief after surgery.