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WASHINGTON, DC, December 11, 2008 — Salix Pharmaceuticals, Ltd. announced that it has acquired rights to crofelemer from Napo Pharmaceuticals, Inc. Covington & Burling LLP represented Salix in the deal.
Crofelemer currently is being investigated in a Phase 3 study as an anti-diarrheal agent for the treatment of chronic diarrhea in people living with HIV. Salix acquired an exclusive license to this indication and the additional indications of pediatric diarrhea and acute infectious diarrhea in North America, European countries and Japan. In addition, Salix acquired a worldwide license to all other possible human indications.
Financial terms of the agreement include an up-front license fee plus an equity investment; regulatory milestones in respect of various indications; and sales-based milestones and royalties on net sales of crofelemer.
As part of the arrangements, Salix concluded an agreement with Glenmark Pharmaceuticals, Ltd. of Mumbai, India pursuant to which Glenmark will provide Salix with commercial supplies of the crofelemer active pharmaceutical ingredient.
The Covington team included Washington-based partner Edward Britton and San Francisco-based associate Emily Mason. Washington-based associate Scott Roades assisted with corporate aspects of the deal. Pharmaceutical regulatory advice was provided by Washington-based partner Michael Labson and of counsel Anna Kraus, and by London-based partner Grant Castle.