aaiPharma granted court OK to sell acyclovir aNDA to Clonmel

By Caroline Salls

Pittsburgh, Feb. 16 - aaiPharma, Inc. obtained court approval to enter into an asset purchase agreement with Clonmel Healthcare Ltd. under which the company will sell its abbreviated New Drug Application for acyclovir tablets and capsules to Clonmel, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the agreement, aaiPharma will sell its right, title and interest in the application for $50,000 in cash and a $100,000 contingent payment, minus 50% for any fee-for-services work performed by the company for Clonmel or its affiliates over the next 12 months.

The sale is part of aaiPharma's plans to reorganize around its development services division.

aaiPharma, a Wilmington, N.C., pharmaceutical company, filed for bankruptcy on May 31, 2005. Its Chapter 11 case number is 05-11341.

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