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Inspire clarifies collaboration agreement with Allergan
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DURHAM, N.C. — Inspire Pharmaceuticals has entered into a revised collaboration agreement with Allergan that clarifies revenue sharing between the two entities regarding Restasis, according to a press release.
As per the agreement, Inspire will receive revenues from the sale of Restasis (cyclosporine ophthalmic emulsion 0.05%) at a fixed global rate. The annual rate will step down in value between 2010 and 2014, when it will be fixed through the end of the agreement on Dec. 31, 2020.
The revised pact would also cancel any revenue derived from Restasis sales in a given country that would ordinarily be directed to Inspire should the company further develop Prolacria (diquafosol tetrasodium ophthalmic solution 2%) and release it as a competing product in that country.
However, according to company officials, Inspire plans to shelve future development of Prolacria so that it can concentrate efforts in other revenue areas.
"At this time, we are not planning to proceed with clinical development of Prolacria. Our strategy is to create shareholder value by focusing resources on our AzaSite franchise and our potentially transformational denufosol tetrasodium for cystic fibrosis program," Adrian Adams, president and CEO of Inspire, said in the release.