Acura Pharmaceuticals, Inc. announced today a letter of agreement with Pfizer Inc. providing for the termination of Pfizer's license to Acura's AVERSION® Technology and the return to Acura of the FDA approved Oxecta® (oxycodone HCl) product. The letter agreement provides that Acura will make a one-time payment of $2.0 million to Pfizer. The license termination is effective April 9, 2014. The AVERSION® Technology utilizes a proprietary mixture of inactive ingredients to discourage tampering of a product for abusive purposes.
"We are pleased that we have been able to reach agreement on acceptable terms for the license termination," said Bob Jones, President and Chief Executive Officer of Acura Pharmaceuticals. Mr. Jones further added, "We are currently evaluating our strategic options for the returned product and our other AVERSION® Technology products in development, which may include a re-launch under a new brand name in partnership with another pharmaceutical company."