NeurogesX snares $49M upfront for pain therapy pacts

NeurogesX has snared $49 million upfront for a pair of licensing deals with Astellas. The developer gets $42 million of that for regional marketing rights to its pain patch Qutenza, which is approved in Europe and still waiting for final word from the FDA. And it gets $7 million for a co-development and commercialization option covering NGX-1998, which uses the same active ingredient as Qutenza in a liquid formulation for neuropathic pain.

NeurogesX also stands to gain sales-based milestones and option payments of $97 million from its deal on NGX-1998, which has wrapped three Phase I trials. Researchers are studying the timing for a Phase II study.

"Securing an agreement with Astellas for the commercialization of Qutenza in Europe and additional territories is a significant milestone achievement for Neuroges," says CEO Anthony DiTonno. "Selecting the right partner was especially important to us since the European Union represents the first approval and the initial launch market for Qutenza."

- see the press release for more info
- read the report from Reuters