Grünenthal Group and Purdue Pharma L.P. Enter Into a Licensing Agreement
AACHEN, Germany, May 28, 2013 /PRNewswire/ --
The Grünenthal Group announced today that they have entered into a licensing agreement with Purdue Pharma L.P. regarding certain intellectual property rights for the development of an abuse-deterrent formulation technology for extended-release morphine sulfate.
"We are excited about this licensing agreement with Purdue Pharma L.P. This is certainly another achievement that exemplifies our expertise, strength and innovative power in developing abuse deterrent technologies and tamper resistant formulations," commented Harald F. Stock, CEO of Grünenthal. The abuse of prescription pain medicines is a serious and complex public health issue. As a patient-centric company and industry leader in the development of abuse deterrent formulations, Grünenthal is fully committed to helping reduce and prevent the abuse of prescription medicines through dedicated research and development of tamper resistant formulation technologies.
The Grünenthal Group is an independent, family-owned, international research-based pharmaceutical company headquartered in Aachen, Germany. Building on its unique position in pain treatment, its objective is to become the most patient-centric company and thus to be a leader in therapy innovation. Grünenthal is one of the last five remaining research-oriented pharmaceutical companies with headquarters in Germany which sustainably invests in research and development. Research and development costs amounted to about 26 percent of revenues in 2012. Grünenthal's research and development strategy concentrates on selected fields of therapy and state-of-the-art technologies. We are intensely focused on discovering new ways to treat pain better and more effectively, with fewer side-effects than current therapies. Altogether, the Grünenthal Group has affiliates in 26 countries worldwide. Grünenthal products are sold in more than 155 countries. Today, approx. 4,400 employees are working for the Grünenthal Group worldwide. In 2012, Grünenthal achieved revenues of €973 mn.
About Purdue Pharma L.P.
Purdue is working to incorporate abuse-deterrence technologies into its portfolio of oral, solid-dosage form opioid analgesic products. Amongst multiple ongoing development projects intended to provide abuse deterrence are additional formulations of oxycodone and hydrocodone
Purdue Pharma L.P. and its associated U.S. companies are privately held pharmaceutical companies known for pioneering research on persistent pain. Headquartered in Stamford, CT, Purdue Pharma is engaged in the research, development, production and distribution of both prescription and over-the-counter medicines and hospital products. Additional information about Purdue can be found at http://www.purduepharma.com.
Contact: Frank Schönrock, Vice President Corporate Affairs
Tel.: +49-241-569-1568, Fax: +49-241-569-3539, email@example.com
Posted: May 2013