Under the terms of the agreement, MN will be responsible for the development and manufacture of all products. Par will provide regulatory affairs support and submit each Abbreviated New Drug Application (ANDA) to the US Food and Drug Administration as the US filing agent on behalf of MN.
Par will be responsible for any litigation expenses arising from the ANDA submissions. Par will have exclusive rights to market, sell and distribute the products in the US. Par and MN will share the net profits generated by all marketed products. Additional financial details were not disclosed.
"We are very pleased to enter into this partnership with MN Pharmaceuticals," said Scott Tarriff, president and chief executive officer of Par Pharmaceuticals.
Par enters a market that between 2003 and 2010, peak sales of US branded injectable medicines lost patent protection estimated at $14 billion (€11.6 billion) compared with 2002 sales of more than $7 billion.
Sales are highly concentrated in the top 20 brands, which make up 80 per cent of the total branded sales going off patent.