WILMINGTON,Financially struggling aaiPharma will receive a one-time payment and royalties from Aventis for a formulation of an allergy drug.
The FDA has approved a new drug application for a once-a-day dose of Allegra-D. aaiPharma and Osmotica Pharmaceutical worked with Aventis on the new formula.
“We are pleased with the collaborative effort that led to the approval of Allegra-D 24 Hour,” said Ludo Reynders, president and CEO of aaiPharma, in a statement. “This approval demonstrates our ability to partner with pharmaceutical companies in the execution of strategies that improve the life cycle of products in their portfolio. It is a testament to the drug development expertise and the value that our people bring to the development programs of our customers.”
Last Friday, aaiPharma disclosed it was considering the sale of its pharmaceutical division.