Braeburn Pharmaceuticals Inc. is terminating a 2012 license agreement that granted it the rights to market Titan Pharmaceuticals Inc.'s opioid addiction treatment Probuphine in the U.S. and Canada.
California-based Titan will regain all rights to the commercialization and clinical development of Probuphine in the U.S. and Canada.
Probuphine, or buprenorphine, is an implant placed beneath the skin for six months to treat opioid addiction.
New Jersey-based Braeburn paid Titan $1 million and will assist the company through Dec. 28 to ensure that patients and their doctors will continue to have access to the treatment. The parties will immediately transfer to Titan all regulatory documentation and development data related to Probuphine.
"We believe that Probuphine is an important product in the face of a growing opioid addiction epidemic and we will continue to explore options with the potential to improve uptake of the product in the U.S., as well as expand global access through partnerships in Europe and other territories with Molteni & C. dei F.lli Alitti Società di Esercizio SpA and Knight Therapeutics Inc. in Canada," Titan President and CEO Sunil Bhonsle said in a statement.
