DURHAM, N.C.—Biotechnology company Inspire Pharmaceuticals Inc. said Monday it is pulling out of an allergy drug development partnership with Spanish drug developer FAES Farma SA.
The companies partnered in 2006 to develop an oral form of bilastine to treat allergic rhinitis, which has symptoms similar to the common cold. In June 2007, the companies amended their agreement following a Food and Drug Administration advisory panel meeting, which determined further studies were necessary.
Inspire is no longer responsible for the development or marketing of the drug and no longer has a financial obligation to FAES.
"We have made a strategic business decision to terminate the bilastine agreement and focus our resources and capital investments on our other late stage development programs and commercial activities," said Inspire President and Chief Executive Christy L. Shaffer in a statement.
