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12:00 AM
Jul 19, 2004
 |  BioCentury  |  Strategy

Vernalis cures its Frova migraine

Vernalis plc was cash strapped after buying back North American marketing rights for its Frova frovatriptan migraine drug from Elan Corp. plc in May. But a new deal selling those rights to Endo Pharmaceutical Holdings Inc. spares Vernalis the need to return to the market to pay off its debt to ELN. In addition, the new terms look more advantageous to Vernalis.

The original deal was unwound so ELN could focus on its expected launches of Antegren natalizumab to treat multiple sclerosis (MS) and Crohn's disease and of Prialt ziconotide to treat severe chronic pain.

"Because we had to do the deal with Elan so quickly, we didn't have time to find a way to pay for the marketing rights. Many investors feared that we would need to come back to the markets for the money," Vernalis...

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