Nycomed, a pharmaceutical company headquartered near Copenhagen, and USA's Durect Corporation have entered a licence agreement for Posidur, a long-acting and local pain relief depot for the treatment of post-surgical pain. Durect Corporation is using its proprietary delivery system, Saber, to develop Posidur, which is currently in phase II clinical development. Nycomed and Durect Corporation plan to initiate phase III trials in 2007.
The licence agreement grants Nycomed the exclusive rights to market Posidur throughout Europe and Russia-CIS, and in Australia, Argentina, Brazil, Chile, Israel, Mexico, New Zealand, South Africa and Turkey.
Kerstin Valinder, senior vice president of Nycomed comments: "With the agreement, Nycomed is developing its business to include treatment of post-surgical pain. It fits well into our existing activities and is a natural extension of our strategy to develop drugs which are in demand."
Nycomed employs 3,350 people in Europe and Russia-CIS. In 2005, the company generated revenues of DKK 5.6 bn (USD 952 m) and pre-tax profits of DKK 1.2 bn (USD 204 m). The news was reported by national daily newspaper Berlingske Tidende and on Nycomed's website.