WILMINGTON,Through its contract research services business AAI International, aaiPharma Inc. (Nasdaq: AAII) announced the signing of an exclusive strategic alliance with Medicis (NYSE: MRX) for the development, commercialization and licensing of a dermatologic product.
While specific details regarding the nature of the development product were not disclosed, terms of the agreement include an initial payment of $7.7 million to be made to aaiPharma within three business days of the signing of the agreement. Additional payments of undisclosed amounts due upon the successful completion of various development milestones are possible, aaiPharma says.
Based in Scottsdale, AZ, Medicis is a specialty independent pharmaceutical company focusing primarily on the treatment of dermatological, pediatric and podiatric conditions. It develops and markets leading products for major segments within dermatology. Ascent Pediatrics, Medicis’ wholly owned subsidiary, markets leading pediatric products for the treatment of asthma and other respiratory inflammatory conditions.
Wilmington, NC-based aaiPharma is a science-based specialty pharmaceutical company with more than 22-years of drug development experience. Focusing on targeted therapeutic areas, aaiPharma markets a portfolio of branded products and applies technologies to increase the commercial potential of these products. At the same time, aaiPharma says its research and development organization is developing a pipeline of products to position it for near-term and long-term growth in its targeted therapeutic areas.