AaiPharma, Inc., a drug development company, is raising its 2002 earnings guidance to reflect the recent $211.4 million purchase of licenses for pain medication from Eli Lilly & Co.

Officials at AaiPharma say the company is now in line to generate up to $230 million rather than the original estimate of $190 million for 2002. The products – popular pain medications known as Darvon and Darvocet – have the benefit of strong brand recognition within the health care industry and are seen as a viable alternative to narcotic pain relievers.

AaiPharma also announced it will take a one-time write off charge for first quarter 2002 for expenses related to its previous senior credit facilities amounting to at least $5 million. The company also has announced plans to add 30 employees to its sales force to help with the new product lines.

Shares of AaiPharma ranged in price from $12 to well over $30 during the last 52 weeks, and recently traded near $37.90. The company’s market capitalization totals $627.6 million.