Cephalon Licenses Acusphere Product

Cephalon is paying $20 million in up-front financing to Acusphere for an exclusive worldwide license to AI-525, a preclinical-stage injectable form of the anti-inflammatory drug celecoxib, which is the active ingredient in Pfizer's Celebrex. The formulation uses Acusphere's drug delivery technology for hydrophobic drugs. The deal includes a $15 million milestone payment and royalties on sales if AI-525, which targets postoperative pain relief, is approved. Cephalon also has an option to license Acusphere's Imagify, a cardiovascular imaging agent based on perflubutane-containing polymer microspheres. If exercised, Cephalon would pay Acusphere $40 million upon FDA approval of Imagify, as well as royalties.