Flexion secures China deal for osteoarthritis drug; Struggling to find a buyer, Akorn throws in the towel
→ Flexion may be hitting the brakes on clinical trials, including one for its osteoarthritis drug Zilretta, but that’s not stopping the biotech from plotting regulatory action in China. Hong Kong Tainuo has committed $10 million upfront to seize the development and commercialization rights to Zilretta, with plans to apply for a clinical trial in China by the end of the year. Flexion, which said it has 10 months of finished goods in the US and 12 months of active pharmaceutical ingredient available, will supply all products to the Chinese partner.
→ Struggling specialty generic maker Akorn has given up on finding a buyer, ending a sale process that it said was negatively impacted by the broader market uncertainties under the Covid-19 crisis. There are no bids on the table that would sufficiently pay off all its loans, the company said.