Verus Pharmaceuticals, a pediatric-oriented specialty pharmaceutical company, announced today that AstraZeneca, has acquired its pediatric asthma development programs, the company announced last month.
Under the terms of the agreement, Verus said it will be receiving an upfront payment of $30 million, and a potential earn-out payment of $280 million.
Included in the transaction are the North American rights to a Captisol enabled budesonide solution (controller medication), a proprietary short-acting beta agonist solution (rescue medication), a customized version of eFlow (novel nebulizer delivery device) for use with both medications, and other intellectual property and related assets from Verus.
“We are excited to have completed this transaction with AstraZeneca, the North American leader in pediatric asthma treatment innovation, and are eager to collaborate with them to address the multiple unmet medical needs in this rapidly expanding patient population,” said Robert W. Keith, president and COO of Verus. “This transaction allows us to refocus our time and resources on our other emerging development programs, including those targeting unmet needs associated with related atopic diseases and conditions.”