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GEN News Highlights : Feb 27, 2007

King Pharmaceuticals Procures Avinza from Ligand for $295M

Drug is a morphine treatment for chronic pain conditions.

King Pharmaceuticals closed its asset purchase agreement with Ligand Pharmaceuticals under which King has acquired the pain medication Avinza┬« (morphine sulfate extended-release).

Avinza is indicated as a once-daily morphine treatment for chronic, moderate-to-severe pain in patients who require continuous, around-the-clock opioid therapy for an extended period of time, including osteoarthritis, back pain, musculoskeletal conditions, cancer, and neuropathic pain.

Under the terms of the agreement, King has made a $246 million payment to Ligand to acquire all the rights to Avinza in the United States and Canada. In addition, King has reimbursed Ligand for certain product-related liabilities and other expenses totaling $49 million and has assumed all existing product royalty obligations.