DOW JONES NEWSWIRES
Adolor Corp. (ADLR) said it will buy back the rights to its
gastrointestinal-recovery treatment Entereg from GlaxoSmithKline
(GSK) for $25 million in cash as it plans to step up the drug's
marketing.
Adolor, which has been co-promoting Entereg since 2008, agreed
to pay for the rights over a six-year period, partly based on
royalties and a one-time payment of $15 million tied to an expected
sales goal.
The deal is expected to close in September.
"We have extensive knowledge of this marketplace, and are
excited about the prospect of now controlling all aspects of the
promotional effort," Adolor Vice President Michael D. Adelman
said.
The company plans to roughly double its 30-strong sales staff
focused on marketing the treatment to hospitals and doctors.
Adolor's shares were recently off 1.3% to $1.50 after-hours
Tuesday, while Glaxo was up a penny to $42.37.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com