KV Pharmaceutical Co. said Monday it sold its proposed generic version of the acne treatment Duac gel to Perrigo Co. for more than $14 million.
U.K.-based GlaxoSmithKline makes the branded version of Duac gel. KV Pharmaceutical is seeking Food and Drug Administration approval for a generic version. Allegan, Mich.-based Perrigo will own that FDA generic application when the deal closes.
Under the deal, KV will receive $14 million upfront at closing and an additional $2 million milestone payment upon the completion of a successful technical transfer.
Shares of KV Pharmaceutical fell 15 cents, or 3.6 percent, to $4.08 in morning trading. The stock has traded between 43 cents and $24 over the last 52 weeks.
Shares of Perrigo rose 43 cents to $32.31 in morning trading.
Copyright 2009 AP News
