Elite Pharmaceuticals Inc signs licence, manufacturing and supply agreements for four generic products

Sep 17, 2010 (M2 EQUITYBITES via COMTEX) -- Speciality pharmaceutical company Elite Pharmaceuticals Inc (OTCBB: ELTP | PowerRating) stated on Thursday that the company has entered into a licence agreement and a manufacturing and supply agreement with Precision Dose Inc for four generic products.

Under this agreement four Elite generic products will be distributed by TAGI Pharma Inc, a wholly owned subsidiary of Precision Dose Inc, in the United States, Puerto Rico and Canada.

Elite will manufacture the products and will receive a licence fee and milestone payments in six installments. The company has received the first installment upon execution of the agreement and the remaining payments will be due upon FDA approval and initial shipment of the products to Precision Dose.

According to Elite two of the products, hydromorphone hydrochloride, 8 mg, and naltrexone hydrochloride, 50 mg, are approved products recently purchased by Elite. Collectively, the brand products and their generic equivalents had total annual sales of approximately USD120m in 2009.