Cipher, Ranbaxy deal

Cipher granted Ranbaxy’s Ranbaxy Pharmaceuticals Inc. subsidiary an exclusive license to market Cip-isotretinoin in the U.S. to treat acne. Cipher is responsible for clinical development, and Ranbaxy will reimburse Cipher for clinical trials required for FDA approval, up to a predetermined amount. Development expenses required for approval that are above that amount will be shared equally. Cipher will receive $1 million up front and is eligible for up to $23 million in milestones, plus mid-teen royalties. ...