Pernix Therapeutics, Seek Ltd. deal

Seek and Pernix terminated a 2010 JV to develop Pernix's BC1036 to treat persistent cough and entered into a new deal for the compound. Pernix will be responsible for the development and commercialization of the product for cough, cold, sinus and allergy in the U.S. and Canada, while Seek will have rights elsewhere. Pernix will focus on OTC products while Seek will focus on OTC and prescription products. Seek plans to start a European Phase III trial of BC1036 to treat persistent cough this quarter. Seek received $5 million in connection with the JV termination, and will be eligible for royalties on sales in the U.S. and Canada. Pernix is eligible for royalties on sales elsewhere (see BioCentury, Jan. 3, 2011 & April 4, 2011). ...