Tuesday, July 3, 2007

AVANIR Pharmaceuticals Sells Compound

Aliso Viejo-based AVANIR Pharmaceuticals said today that it has sold its antipsychotic compound FazaClo to Azur Pharma, an Irish pharmaceuticals firm, in a deal worth $54M. AVANIR said that it will use the proceeds of the sale to fund continued development of Zenvia, the company's treatment for involuntary emotional expression disorder (IEED) and diabetic peripheral neuropathic (DPN) pain. The deal includes $42M in cash plus up to $10M in contingent payments and $2M in royalties. The firm acquired the FazaClo line last year for $29M. AVANIR also said that the firm's SVP and CFO, Mike Puntoriero, is resigning following the sale of FazaClo, because of the reduced operating infrastructure of the firm.

---