Cumberland Pharmaceuticals Inc. said Wednesday it signed a licensing deal with DB Pharm Korea Co. to sell the injectable ibuprofen Caldolor in South Korea.
The drug, made by Cumberland, is already approved in the U.S. The product is a painkiller used primarily for hospitalized patients who are unable to receive oral therapies.
DB Pharm Korea is responsible for seeking regulatory approval, marketing and sales in South Korea.
In exchange for the license to the drug, Cumberland will receive unspecified upfront and milestone payments, a transfer price and royalties on future sales of Caldolor.
Shares of Cumberland Pharmaceuticals rose 19 cents to $13.44 in afternoon trading.