ST. LOUIS, Mo.--(BUSINESS WIRE)--Mallinckrodt (NYSE: MNK) announced today that it has entered into a multiyear agreement with Medtronic (NYSE: MDT) to advance availability in the U.S. of intrathecal therapeutics for the treatment of chronic pain and severe spasticity.
Under the agreement, the two companies will collaborate on the development and testing of Mallinckrodt’s future intrathecal products for use in Medtronic’s SynchroMed® Programmable Infusion System. The companies will also develop joint marketing and sales programs to increase awareness and adoption of these drug delivery therapies. Specific terms of the agreement are not being disclosed.
Intrathecal therapeutics use an implanted pump to deliver very small quantities of medications directly to a patient’s spinal fluid. Since this kind of “targeted drug delivery” system combines the use of a medical device with a pharmaceutical agent, the development path can be longer than that for either device or drug alone. This collaboration is intended to accelerate innovation and expand clinician and patient education regarding targeted delivery of drugs for the management of chronic disease.
“This collaboration will allow each organization to leverage their respective strengths – Mallinckrodt in specialty pharmaceuticals and Medtronic in implantable drug delivery technology,” said Mark Trudeau, President and Chief Executive Officer, Mallinckrodt. “Together, we will focus on advancing the development and delivery of therapeutic agents to serve patients suffering from chronic pain or severe spasticity. We are excited about the future of our intrathecal product line, and this agreement will enable us to deliver meaningful solutions to this market.”
Mallinckrodt is a global specialty pharmaceutical business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. The company’s Specialty Pharmaceuticals segment includes branded and generic drugs and active pharmaceutical ingredients, and the Global Medical Imaging segment includes contrast media and nuclear imaging agents. Mallinckrodt has approximately 5,500 employees worldwide and commercial presence in roughly 70 countries. The company’s fiscal year 2013 revenue totaled $2.2 billion. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
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