Cornerstone Therapeutics has acquired a license to certain of Alitair Pharmaceuticals' (The Cough Company) proprietary intellectual property, under a license and development agreement to develop one or more cough and cold products to treat respiratory diseases.
The Cough Company has a portfolio of patents pending, which relate to its proprietary drug delivery system. The portfolio includes claims covering solid oral dosage formulations in a variety of therapeutic categories.
Pursuant to the agreement, Cornerstone is expected to make an upfront one-time payment and has committed to making subsequent success-based milestone payments, as well as royalties based on any future net sales of licensed products.
Craig Collard, president and CEO of Cornerstone, said: "We view The Cough Company as an important partner in the continued development of our cough and cold franchise, which is a key aspect of our growth strategy.
"This collaboration has the potential to significantly enhance our pipeline, which already includes multiple innovative product candidates in the respiratory space."
William Howard, president of The Cough Company, said: "Cornerstone provides the respiratory marketing expertise which we believe will translate our development program into multiple commercial successes. We look forward to moving our platform forward with Cornerstone's support."