BioSante signs deal with Azur Pharma

LINCOLNSHIRE - BioSante Pharmaceuticals Inc. announced that it has signed an exclusive agreement with Azur Pharma for the marketing of Elestrin (estradiol gel) to treat moderate-to-severe hot flashes in menopausal women in the United States. Upon execution of the agreement, BioSante received $3.3 million comprised of a $500,000 product licensing fee and $2.825 million for transfer of the Elestrin trademark and inventories, among other items. BioSante also is entitled to receive additional payments of up to $144.5 million if certain sales-based milestones are achieved. In addition, Azur has agreed to pay to BioSante royalties on sales of Elestrin ranging from 10 percent to 20 percent depending on the annual sales level.