Bioequivalence study triggers milestone payment for Eurand

Eurand completes a bioequivalence study with GlaxoSmithKline regarding an undisclosed GSK compound

Eurand, an Italian/ US-based specialty pharmaceutical company, has successfully completed a bioequivalence study with GlaxoSmithKline (GSK), regarding an undisclosed GSK compound.

UK-headquartered GSK will make a payment of USD 1.5m to Eurand in recognition of the milestone.

The new formulation, which uses Eurand's Microcaps and AdvaTab technologies, is designed to dissolve quickly in the mouth to reduce the bitter taste of some medications. Eurand could potentially receive milestone payments from GSK totalling up to USD 42m for the development of the product. GSK expects to file an NDA in the near future.

Under the agreement, Eurand will manufacture the product for GSK and receive royalty revenues when the product receives NDA approval from the FDA.

Gearoid Faherty, CEO of Eurand, said: "We are delighted with the results of the bio-study and are looking forward to GSK submitting their NDA."

4th September 2007

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