Wyeth ends SCOLR license deal
SCOLR Pharma, a developer of over-the-counter drugs, says that fellow USA-based firm Wyeth is terminating a license agreement, under which it had been employing SCOLR's technology in the development of ibuprofen-containing medications. The Washington-state headquartered company said that, as a result of Wyeth's decision, it would re-acquire all rights to the use of its CDT drug delivery technology, effective April 16.
SCOLR also said that it would continue to develop medications using its technology and would begin seeking an appropriate commercial partner. The announcement caused the firm's share price to plummet 43% to $1.87 in morning trading on the American Stock Exchange on March 15.
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