Durect Deposit

The stock soars on a Nycomed tie-up.
Author:
Publish date:

Durect (DRRX) - Get Report soared 50% after signing a deal to collaborate with Nycomed of Denmark to develop Durect's Posidur postoperative pain relief product.

Nycomed will have exclusive commercialization rights in Europe and other select countries, and Durect will retain full ownership in the U.S., Canada, Asia and elsewhere.

Nycomed will pay Durect an upfront license fee of $14 million, with additional milestone payments of up to $188 million upon achievement of defined development, regulatory and sales milestones. Nycomed will pay Durect blended royalties on sales in the defined territory of 15-40% depending on annual sales.

Shares rose $1.90 to $5.70.