Oct 27 (Reuters) - Pfizer Inc ended an agreement with Pain Therapeutics Inc to develop and market Durect Corp’s pain drug, Remoxy, sending the stocks of the two smaller drugmakers plummeting.
Durect’s shares fell as much as 46 percent in early trading on Monday, while Pain Therapeutics stock slumped 61 percent.
Pain Therapeutics, which since 2002 has the license to develop and commercialize Remoxy, would now have to develop the drug on its own or find a new partner, Durect said in a statement.
Remoxy, a long-term opiod treatment for patients who find alternative treatments inadequate, is not Durect’s only drug candidate to be in troubled waters.
Durect’s post-operative pain relief drug, Posidur, is also under the spotlight after the U.S. Food and Drug Administration rejected the drug in February, indicating that additional safety studies would be needed.
The company on Monday said it was “currently awaiting feedback from the FDA regarding our questions” at a meeting on Sept. 23. (Reporting by Amrutha Penumudi in Bangalore; Editing by Savio D’Souza)