King, Pain Therapeutics form strategic alliance

King Pharmaceuticals has entered into a strategic alliance with Pain Therapeutics to develop and commercialize Remoxy and other abuse-resistant opioid painkillers. Pain Therapeutics' Remoxy is currently in late-stage development for moderate-to-severe chronic pain. King will make an upfront payment of $150 million, and Pain Therapeutics could see an additional milestones of $150 million in cash if the drug is successful.

- see this press release for more details