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Elite Pharmaceuticals, Inc. and Hi-Tech Pharmacal Co., Inc. have entered into an agreement under which Elite will develop an intermediate for Hi-Tech for a generic version of a prescription product.
January 11, 2011
By: Tim Wright
Elite Pharmaceuticals, Inc. and Hi-Tech Pharmacal Co., Inc. have entered into an agreement under which Elite will develop an intermediate for Hi-Tech for a generic version of a prescription product. Elite will develop an intermediate product that Hi-Tech will then incorporate into a final product. Hi-Tech will be responsible for filing the ANDA. Upon approval of the ANDA, Elite will manufacture the intermediate product and Hi-Tech will manufacture the final product and will be responsible for marketing and sales. Elite will receive milestone payments for the development work and upon commercialization, will receive payment for the manufacturing of the intermediate product and a percentage of the profits generated from sales.
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