York Pharma, Solvay deal
Dermatology company York returned worldwide marketing rights to Solvay's Flammazine silver sulfadiazine and Flammacerium silver sulfadiazine/cerium nitrate after York lost its loan facility. York's lender Fortress Credit Corp. called for repayment of the facility after it found unacceptable an alternative arrangement between York and Solvay for the final payment under the 2008 deal. York said it remains in discussions with Solvay and is exploring alternative ways to finance reacquisition of the drugs, which York acquired for €28.5 million ($44.5 million). Solvay had received the initial payment of €17 million ($22.7 million), which was repaid to York. At Sept. 30, 2008, Solvay had €431 million ($619.6 million) in cash. The drugs are approved in 21 countries to prevent and treat infections in burn wounds and topical wound infections (see BioCentury, July 14, 2008, & Oct. 13, 2008). ...