Actavis acquires rights to chronic pain drug

MORRISTOWN, N.J. Actavis has acquired the rights to a drug used to treat chronic pain from King Pharmaceuticals, the United States subsidiary of the Icelandic generic drug maker announced Tuesday.

Actavis said that it bought the drug Kadian, an extended-release morphine sulfate drug, for about $127.5 million, based on milestones related to quarterly sales up to June 30, 2010. 

"The acquisition of Kadian is the latest step in Actavis? strategy to expand our specialty drug portfolio and is well-aligned with our emphasis on bringing complex, controlled-release products to the marketplace," Actavis chief executive officer Doug Boothe said in a statement. "Kadian has enjoyed significant market share, and we are excited about its continued prospects as a drug that benefits many patients."