Shionogi inks $425M deal in pain drug alliance with Egalet

The Danish biotech Egalet has pocketed a $10 million upfront payment from Shionogi to collaborate on the development of abuse-resistant hydrocodone opioid pain drugs. Shionogi is also snapping up $15 million in equity and promising to pay up to $400 million-plus in development and sales milestones for any drugs that are eventually approved. Egalet, which has a U.S. office in Pennsylvania, recently filed for an IPO. "We believe this collaboration provides validation for our proprietary abuse-deterrent drug delivery platform and positions us to capitalize on our technology, both through the products to be developed under the collaboration and by enabling us to develop additional opioid candidates utilizing our platform technology," says CEO Bob Radie. Release

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