May 14 Furiex Pharmaceuticals Inc said
its partner Johnson & Johnson returned the worldwide
rights for its oral drug to treat premature ejaculation.
Furiex said it has licensed the rights of the drug to
European pharmaceutical company Menarini in Europe, most of
Asia, Africa, Latin America and the Middle East for $15 million
in cash. Furiex will also get up to $60 million if the drug
clears certain regulatory and sales milestones.
The drug, Priligy, which is still not approved in the United
States, is marketed by J&J unit Janssen Pharmaceutica in 15
countries in Europe, Asia and Latin America.
The company expects to close the asset transfer agreement
with Janssen in the third quarter.
Furiex will retain full development and commercialization
rights in the United States, Japan and Canada.
Furiex, which had licensed the drug to Janssen, was earning
royalties and sales-based milestones from Janssen.
Shares of Furiex closed at $14.23 on Monday on the Nasdaq.