Salix Pharmaceuticals, a developer of intestinal drugs, will pay up to $37 million for a European-developed bowel cleansing product.
The US Food and Drug Administration is currently reviewing the product, which was developed by Norgine B.V. a privately held European company. It is designed for use before colonoscopy, intestinal surgery and other internal procedures.
Salix mad an up-front payment to gain the licensing rights. Other milestone and sales payments could push the cost of the deal to $37 million, the company said in a statement.