Chapel Hill drug company Pozen's reported this morning that its revenue more than doubled in the fourth quarter thanks to a royalty payment for the U.S. rights to its experimental migraine drug.
The company had revenue of $73 million for the quarter, up from $29 million during the same period in 2010. Nearly all of that was from royalty payments the company received for the U.S. rights to Treximet.
In November, Pozen announced it had sold those rights to CPPIB Credit Investments, a Canadian investment firm fir $75 million, which netted the company proceeds of $71.9 million.
Pozen's net income for the quarter was $61.5 million, or $2.04 per share, compared to net income of $18.4, or 61 cents per share, during the fourth quarter of 2010.
That beat the $1.98 per share that was the consensus among the two analysts who cover the company.
For the year, Pozen had revenue of $87 million, up from $68.5 million in 2010.
Most of Pozen's revenue comes from Treximet and its Vimovo arthritis pain reliever, sold by AstraZeneca.
In December Pozen cut a deal with another Triangle company, Patheon, to manufacture its next drug. Pozen signed a contract with pharmaceutical services company Patheon, based in Research Triangle Park, to manufacture aspirin it is developing for patients who are at risk of developing gastric ulcers.
Financial terms weren't disclosed though the deal calls for Patheon to produce "a specified percentage" of the product needed for the U.S. market.
The drug, currently known only as PA32450, is in Phase 3 clinical trials - the final phase required before seeking marketing approval from regulators.
Pozen shares closed Monday at $4.47. The stock is up 13 percent this year.