Ivax Corporation has entered into a license agreement with Purdue Pharma L.P. regarding certain patents and data relating to naloxone, an opioid antagonist for use with opioid analgesics. Purdue Pharma is engaged in the research and development of pharmaceutical products, including opioid analgesics, for the treatment of pain. Since the mid-1990s, Purdue Pharma has been conducting research and development of potential new pharmaceutical products intended to be more resistant to abuse. Under the license agreement Purdue Pharma obtained non-exclusive rights to certain patents and other proprietary information currently owned or licensed by Ivax, and Ivax will receive an upfront payment, and potential milestone and royalty payments.
"We are pleased to enter into this agreement with Purdue Pharma," stated Neil Flanzraich, vice chairman and president at Ivax. "We believe that our data and patents will contribute to Purdue Pharma's efforts to develop pain relievers that are more resistant to abuse." Ivax Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.