Avanir (AVNR) Announced $42M Sale of Schizophrenic Drug
Avanir Pharmaceuticals (Nasdaq: AVNR) shares are trading at $2.76 on volume of 4.1 million this morning, up 38 cents from yesterday's close, following word of the company's $42 million sale of its anti-psychotic drug, FazaClo. The sale will allow the company to direct funds toward the development of Zenvia, a treatment for emotional expression disorder.Avanir announced today it signed a definitive agreement to sell FazaClo to Azur Pharma, a specialty pharmaceutical company based in Ireland. Per the agreement, Avanir will receive the $42 million at the close of the transaction, with up to an additional $10 million in contingent payments…