Azur Pharma Ltd. said Thursday that it has agreed to buy the chronic-pain drug Prialt from fellow Irish drugmaker Elan Pharmaceuticals.
Terms of the deal were not disclosed.
Azur said it acquired worldwide rights other than in Europe. The drug generated about $20 million in U.S. sales last year. Patents covering Prialt expire in December 2016, and Azur said in a statement it believes the drug will grow "with continued investment."
Elan Pharmaceuticals Inc. is a subsidiary of Elan Corp. Plc. Shares of Elan rose 8 cents to $7.33 in Thursday afternoon trading.