Drug deal worth $30m for Elan

AN Elan subsidiary will make up to $30 million (€21m) over two years after a drug made using its trademarked NanoCrystal technology was approved by the US Food and Drug Administration (FDA).

John & Johnson subsidiary Janssen Pharmaceutical has developed a drug to help treat schizophrenia using technology licensed from Elan Drug Technologies (EDT), the drug technology, delivery and R&D arm of the Irish pharmaceutical firm

The drug, an injectable formulation called Invega Sustenna, is the fifth FDA-approved licensed product using NanoCrystal technology available on the market.