Altea, Hospira To Develop Transdermal Product

Altea Therapeutics has entered into a partnership with Hospira for the development and commercialization of an undisclosed product using its PassPort Transdermal Delivery System. Under the terms of the agreement, Hospira has exclusive worldwide rights to develop and commercialize the product. Altea will fund certain Phase I studies and Hospira will fund all further product development, manufacturing, and commercialization. Altea will receive an upfront payment, which includes an equity investment. Altea could receive milestone payments of as much as $109 million and royalties on sales of the product over the term of the agreement.
   
“This agreement further validates the development of the Altea Therapeutics transdermal patch technology for drugs that previously were administered by needle injection or infusion, including water-soluble proteins, carbohydrates, and small drugs,” said Dr. Eric Tomlinson, president and chief executive officer of Altea. “Based on our existing relationship with Hospira, we believe they are the ideal partner with the technological and scientific expertise, and the global commercial reach necessary to develop and commercialize this product.”