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.