Egalet terminates collaboration with Shionogi

Egalet, a fully integrated speciality pharmaceutical company focused on developing, manufacturing and commercialising treatments for pain and other conditions, has terminated its collaboration with Japanese firm Shionogi Limited concerning its abuse-deterrent, extended-release hydrocodone product candidate.

With the close of the partnership, Wayne, PA, US-based Egalet gains worldwide rights to the Phase 1 product candidate, S-718632. The collaboration, which began in November 2013, was ended due to Shionogi's 'internal prioritisation process', the company said in a statement.

Through the collaboration, Egalet received upfront and milestone payments totalling $20m, as well as an investment of $15m in Egalet's common stock in connection with the firm's initial public offering in 2014.

All development to date for S-718632 has been funded by Shionogi. A Phase 1 clinical trial has been completed and the data demonstrated that the formulations were consistent with the target product profile. At this time, Egalet is evaluating its options with respect to the further development of this programme.