Specialty pharmaceutical company Acura Pharmaceuticals, Inc. has entered into a letter of agreement with Pfizer Inc to terminate Pfizer's license to Acura's Aversion Technology and the return to Acura of the FDA approved Oxecta (oxycodone HCl) product.

The letter of agreement provides that Acura will make a one-time payment of $2.0 million to Pfizer. The license termination is effective April 9, 2014. The Aversion Technology utilises a proprietary mixture of inactive ingredients to discourage tampering of a product for abusive purposes.

"We are pleased that we have been able to reach agreement on acceptable terms for the license termination," said Bob Jones, president and chief executive officer of Acura Pharmaceuticals. Jones further added, "We are currently evaluating our strategic options for the returned product and our other Aversion Technology products in development, which may include a re-launch under a new brand name in partnership with another pharmaceutical company."

Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialisation of product candidates intended to address medication abuse and misuse, utilising its proprietary Aversion and Impeda Technologies.