Inspire scraps deal with Spanish company
Published: Mon, Jan. 14, 2008 09:55AM
Modified Mon, Jan. 14, 2008 10:02AM
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closeInspire Pharmaceuticals announced this morning it is scrapping a licensing partnership with a Spanish drug company.
In November 2006, Durham-based Inspire said it would pay up to $89 million for the rights to an experiment allergy pill being developed by Faes Farma. In June 2007, the companies amended their agreement after a Food and Drug Administration advisory panel determined further studies were necessary.
Inspire officials had hoped that the drug, using an oral antihistamine called bilastine, would bolster the company's roster of marketable medicines.
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"We have made a strategic business decision to terminate the bilastine agreement and focus our resources and capital investments on our other late stage development programs and commercial activities," Inspire CEO Christy L. Shaffer said in a prepared statement.
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