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Pozen to receive $25 M milestone payment

Drug developer Pozen Inc. said Friday it will receive a $25 million milestone payment after British regulators granted marketing and pricing approval for Vimovo modified release tablets.

Vimovo aims to treat signs and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis in patients who are at risk of developing ulcers associated with the use of non-steroid anti-inflammatory drugs. London-based AstraZeneca and Pozen, based in Chapel Hill, N.C., have been developing the drug since 2006.

Pozen said it will receive the payment within 20 days, and the company confirmed its year-end net income guidance of $21 million to $23 million.

The U.S. Food and Drug Administration approved Vimovo earlier this year.

Pozen shares rose 31 cents, or 4.7 percent, to $6.93 in morning trading.