Chapel Hill-based drug development company Pozen Inc. has reached a supply deal with a Durham contract drug manufacturer.
Pozen (Nasdaq: POZN) and Patheon Pharmaceuticals (TSX: PTI), the manufacturer, agreed to a four-year deal with renewals for every two years thereafter. The companies did not release financial information other than saying that Pozen might be required to contribute up to $2.5 million for additional equipment and facility modifications, according to a filing with the Securities and Exchange Commission.
For the first nine months of this year, Pozen recorded $14 million in revenue, mostly from migraine medication Treximet, which made up 85 percent of total revenue. In November, however, Pozen sold future royalty rights to Treximet for $75 million.
This fiscal year, Patheon recorded a net loss of $16.8 million, more than triple the net loss of $5 million in 2010. For the year, the company reported $700 million in revenue, up 4 percent from 2010.
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