Penwest to develop version of Otsuka drug

DANBURY, Conn. Penwest Pharmaceuticals announced last week that it had signed a second agreement with Japan's Otsuka Pharmaceutical to develop a version of an undisclosed Otsuka drug using Penwest's TIMERx drug-delivery technology.

The deal, announced Tuesday, is the second between Otsuka and Danbury, Conn.-based Penwest. The two companies began collaborating in September 2007 to develop drugs using TIMERx, a controlled-release delivery system. 

"We are pleased to have signed this second research and development agreement with Otsuka," Penwest president and chief executive officer Jennifer Good said in a statement. "These collaborations around our proprietary drug delivery technologies are important for us both financially and scientifically."