Durect Monday said Novartis AG Sandoz unit had ended a deal to develop and commercialize Durect’s Posimir non-opioid postoperative painkiller and is disputing its obligation to pay a termination fee.
The Cupertino, Calif., biopharmaceutical company agreed in May 2017 to license Posimir to Sandoz for a $20 million upfront fee, up to $43 million in development and regulatory milestone payments, and up to $230 million in sales-based milestones.
The companies amended the deal a year later, reducing the potential development and regulatory milestone payments to $30 million, after a phase 3 study of Posimir missed its primary endpoint.
Durect on Monday said Sandoz is returning its U.S. development and commercialization rights to Posimir as part of a refocusing of its resources but is disputing its obligation to pay a termination fee. Durect said it has initiated a formal dispute resolution process related to the fee, the amount of which hasn’t been publicly disclosed.
The company said it will evaluate and consider potential next steps for Posimir.
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