Wednesday, May 11, 2011

Napo Pharma sues Salix over breach of collaboration agreement

 

Salix Pharmaceuticals, Ltd. announced that Napo Pharmaceuticals, Inc. has filed a lawsuit against Salix Pharmaceuticals alleging that the company has breached its commitments under the collaboration agreement between Napo and Salix concerning the development of crofelemer. 

According to company lawyers, Napo's claims are without merit and the lawsuit is baseless. Salix intends to vigorously defend against the lawsuit and plans to continue with the development and commercialization of crofelemer in accordance with its past guidance and the terms of its collaboration agreement with Napo. 

Salix Pharmaceuticals, Ltd., develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases. Salix's strategy is to in–license late–stage or marketed proprietary therapeutic drugs, complete any required development and regulatory submission of these products, and market them through the company's gastroenterology specialty sales and marketing team. 

 

Source: Pharmabiz

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