Advancis up on deal, study news

AVNC said it reached an agreement in principal to sell the U.S. rights for Keflex cephalexin to an undisclosed private company. The sale is expected to close by year end. AVNC received a nonrefundable $1 million upfront payment and expects to receive an additional $11 million from the sale in 2005. AVNC said it could receive a total of about $15 million over the next 12 months. Keflex is generally prescribed for skin and skin structure infections (SSSIs). AVNC bought U.S. rights to the drug from Eli Lilly (LLY) in July 2004 for $11 million. According to AVNC, Keflex has had 12 month trailing revenues of $4.4 million. ...