FAES inks $89M licensing deal on allergy drug

Inspire Pharmaceuticals has agreed to pay Spain's FAES Farma $7 million up front and up to $82 million in milestone payments for the U.S. and Canadian licensing rights to bilastine. The drug is currently in Phase III for allergic rhinitis, a seasonal allergic reaction that includes runny nose. Faes will also receive royalties on sales.

"Based on the clinical profile to date, we believe that the oral formulations of bilastine, if approved by regulatory authorities, could generate more than $200 million dollars in peak sales in the $3 billion annual oral antihistamine market in the United States," said Inspire CEO Christy L. Shaffer.

- read the AP report on the deal