UPDATE 1-Depomed buys pain drug rights from Xanodyne
* Deal for $25.9 mln
* Depomed sees immediate positive impact on its financials
June 21 (Reuters) - Depomed said it acquired all rights to Zipsor, a pain drug, from privately owned Xanodyne Pharmaceuticals Inc for $25.9 million in cash.
The deal, which expands the specialty pharmaceutical company's portfolio of pain products, will have an immediate positive impact on its financials, the company said in a statement.
The deal also includes potential milestone payments to Xanodyne based on sales of Zipsor and assumption of certain liabilities.
Zipsor, an oral dose of diclofenac, had net sales of about $19 million for the year ended May 31.
Shares of the Menlo Park, California-based company closed at $5.14 Thursday on Nasdaq.
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