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ALLEGAN, Mich. - Pharmaceutical company Perrigo Co. said Wednesday it has entered into a joint development agreement with Cobrek Pharmaceuticals, and will invest $12.5 million in cash for a minority stake in the newly formed drug company.
| PRGO | 34.7 |  0.21 |
Cobrek is a unit of privately held Pentech Pharmaceuticals Inc., which specializes in the research and development of niche generic dosage forms.
As part of the agreement, Pentech will contribute its abbreviated new drug application (ANDA) for a generic version of Luxiq foam, a topical steroid. Perrigo will contribute two of its early stage generic topical products. The parties will share the development costs and profits generated by these products, and Perrigo will be the exclusive distributor.
Pentech's ANDA for Luxiq included a Paragraph IV certification, which indicates that the generic drug would infringe an existing patent, but claims that the patent is not valid.
The owner of the patent, Connetics Corp., filed suit in November 2007 to stop Pentech from selling a generic version of the drug. Perrigo expects to be the first company to market a generic version of Luxiq.
Perrigo said the collaboration will enhance its existing U.S. product portfolio and future pipeline of generic prescription dermatology drugs.
Perrigo shares rose 90 cents to $33.88 in morning trading.
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