AstraZeneca terminates licence agreement with MAP

AstraZeneca has terminated a licence agreement it previously held with MAP Pharmaceuticals relating to Unit Dose Budesonide (UDB).

In a statement, the organisation explained that UDB is a treatment for paediatric asthma that is currently under investigation.

The firm noted that the therapy was the subject of an initial phase III clinical study that was carried out by MAP Pharmaceuticals earlier this year.

In February, the company announced that the trial had failed to meet its primary endpoints.

As a result of the outcome of the study, AstraZeneca exercised its right to end the licence agreement.

Due to this, it expects to record an impairment charge of some $44 million (27.03 million pounds) in its second quarter results for this year.

Earlier this month, AstraZeneca announced plans to carry out further development of its AZD3480 product by initiating further trials in attention deficit/hyperactivity disorder and has committed to proving a $10 million milestone payment to Targacept.