UPDATE 2-Covidien buys U.S. rights to opioid pain drug

* Acquired rights to Neuromed's Exalgo

* 2nd deal in week to expand brand pain franchise (Adds analyst comment, stock price, changes dateline from NEW YORK)

CHICAGO, June 17 (Reuters) - Medical products maker Covidien Plc (COV.N) has acquired U.S. rights to an experimental opioid pain drug from privately held Neuromed Pharmaceuticals -- its second licensing deal this week to expand into the branded pain medicine area.

Covidien acquired rights to Neuromed's Exalgo, an extended-release formulation of the older pain drug hydromorphone, the companies announced on Wednesday. Financial terms were not disclosed.

U.S. regulators are expected to decide on the application for Exalgo by Nov. 22.

Covidien is the largest U.S. supplier of controlled pain medications, based on the number of prescriptions, but they have all been generics.

Covidien said fiscal third-quarter research and development expenses would be higher than previously expected because of payments involved in the licensing deals this week with Neuromed and Nuvo Research Inc (NRI.TO).

"As Covidien announces yet another acquisition, we remain encouraged by the company's very leverageable platform," Leerink Swann analyst Rick Wise wrote in a research note. "These deals, in our view, are likely to accelerate fiscal year 2011 growth and profits as approvals and launches occur.

"And we still believe that over time there are likely to be a number of small transactions that should help boost Covidien's sales growth and profitability," he added.

Shares of Covidien were up 77 cents, 2.2 percent, to $35.85 in early New York Stock Exchange trading. (Reporting by Debra Sherman and Lewis Krauskopf; Editing by Brian Moss)