Inspire Pharmaceuticals, Inc terminated the licensing agreement in its entirety with FAES Farma, S.A. for the US and Canadian development and commercialisation of oral allergic rhinitis drug bilastine.
By terminating the agreement, Inspire is no longer responsible for the development and commercialisation of the oral or ocular formulations of bilastine. Inspire has no further financial obligation to FAES, it said.
"We have made a strategic business decision to terminate the bilastine agreement and focus our resources and capital investments on our other late stage development programs and commercial activities," stated Christy L. Shaffer, Ph.D., president and CEO, Inspire.
In October 2006, Inspire completed the initial bilastine licensing agreement with FAES and in June 2007, the companies amended the agreement based on a meeting with the Pulmonary Division of the US Food and Drug Administration. FAES agreed to conduct additional clinical work on oral bilastine, during which time Inspire would have no financial obligation to FAES. Each company had the option to terminate the agreement beginning in December 2007.
Inspire is a biopharmaceutical company dedicated to discovering, developing and commercialising prescription pharmaceutical products in disease areas with significant commercial potential and unmet medical needs.