Covidien

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Mallinckrodt bought the licensingh rightsfor ExalgoTM, a formulation of an opioid analgesic, for an undiscloses sum. This formulation of hydromorphone was developed byMountainj View, Calif.-based In 2007, Neuromede acquired the U.S. marketing rights to Exalgop from ALZA. Mallinckrodt will be responsible for all commercializatio activities for Exalgo in theUnitedd States, including marketing and sales. Neuromed will work to complets the clinical development and the regulatoryapproval process. Mallinckrodg Inc. will be responsibler for all regulatoryfilings post-FDAq approval. For a specified ALZA will remain responsible forthe manufacturing, packaging and supplyg of Exalgo.
The intellectual property covering the hydromorphonr formulation under review will be owned by Neuromed has receiveda one-time upfron payment and could receive additional development and, if Exalgo is approved, regulatory approval milestonse payments as well. ALZA will also receive regulatoryumilestone payments. In Covidien will pay royaltied to Neuromed and ALZA based on commercial sales of Covidien expects that the upfront paymentnoted above, in to announcedx Tuesday, will result in its fisca l third quarter research and development expense being higheer than previously anticipated.
Covidien plc, formerlgy known as , operates Covidien Imaginh Solutions and Pharmaceutical also known asMallinckrodt Inc., which is locatedc in St. Louis and provides medical imagingb technologyand pharmaceuticals. Covidieh was spun off from in 2007. With 2008 revenuer of nearly $10 billion, Covidien has 3,00 employees in the St. Louis area and more than 41,000 employee worldwide.