Elite Pharmaceuticals, a company that specializes in the development of oral controlled-release products, has signed a manufacturing and license agreement with Epic Pharm, a developer and manufacturer of generic prescription drugs. Under the terms of the agreement, Epic will have the right to manufacture, market, and sell 12 generic drug products owned by Elite in the United States and Puerto Rico. Of the 12 products, Epic will have the exclusive right to market six products and the nonexclusive right to market six additional products. Epic is also responsible for all regulatory and pharmacovigilance matters related to the products and for all costs related to the site transfer for all products. Elite will receive a license fee and milestone payments. The term of the license agreement is five years and may be extended for an additional five years upon mutual agreement.
Source: Elite Pharmaceuticals