NPS Pharma Buys Back Worldwide Rights To Short Bowel Syndrome Drug

BEDMINSTER, NJ (TheStreet) -- NPS Pharmaceuticals (NPSP) has reacquired worldwide marketing rights to two approved drugs, most notably its short bowel syndrome therapy Revestive, from Takeda.

Under terms of the re-worked deal, Takeda will receive $50 million in NPS Pharma stock in exchange for relinquishing ex-North America commercial rights to Revestive and Preotact, a thyroid hormone replacement therapy. NPS partnered with Nycomed for Preotact in 2004 and Revestive in 2007, and then Takeda acquired Nycomed in 2011.

The drugs were sold back to NPS Pharma because they are no longer "strategic" to the company, according to spokesman Tobias Cottman.

European regulators approved Revestive last August but Takeda had not yet launched the drug. That responsibility will now fall to NPS Pharma, which needs to build out a commercial operation in Europe while also remaining focused on selling the drug in the U.S., where it's known as Gattex.

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NPS Pharma Buys Back Worldwide Rights To Short Bowel Syndrome Drug