BioDelivery shares were higher nearly 9% in recent pre-market trade after the company said it has agreed to reacquire the license to Belbuca buccal film from Endo Pharmaceuticals (ENDP), effectively terminating the license agreement between the two firms.
As a result of the agreement, which is effective Jan. 6, BioDelivery reacquires worldwide rights to Belbuca. The companies, however, noted that the total cost of the transaction won’t be material to both of them. The move follows a strategic decision made by Endo regarding its U.S. branded pain business.
Concurrent with this agreement, Endo said it has decided to cut its 375-member U.S. Branded pain sales field force, which it believes will allow it to focus efforts and resources more fully on its core U.S.-branded assets.