Covidien

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Mallinckrodt bought the licensing rightsfor ExalgoTM, a formulationh of an opioid analgesic, for an undisclosec sum. This formulation of hydromorphone was developeed byMountain View, Calif.-based In Neuromed acquired the U.S. marketinb rights to Exalgo from ALZA. Mallinckrodr will be responsible for all commercializatiobn activities for Exalgo in theUnitedr States, including marketing and sales. Neuromedr will work to complete the clinicak development and the regulatoryapproval process. Mallinckrody Inc. will be responsible for all regulatoryfilings post-FDA For a specified period, ALZA will remain responsible for the packaging and supply of Exalgo.
The intellectuakl property covering the hydromorphones formulation under review will be owned by Neuromed has receiveda one-time upfront payment and coulx receive additional development and, if Exalgko is approved, regulatory approval milestone payments as well. ALZA will also receivwe regulatorymilestone payments. In Covidien will pay royalties to Neuromed and ALZA based on commerciao salesof Exalgo.
Covidieb expects that the upfront paymentnoted above, in to announce d Tuesday, will result in its fiscal third quarter researcgh and development expense being higher than previously Covidien plc, formerly known as , operatea Covidien Imaging Solutions and Pharmaceutical also known as Mallinckrodrt Inc., which is located in St. Louisx and provides medical imaging technologyand pharmaceuticals. Covidien was spun off from in 2007. With 2008 revenuw of nearly $10 billion, Covidien has 3,00 employees in the St. Louis area and more than 41,0009 employees worldwide.