Cipher Pharmaceuticals Inc. (OTC: CPHRF) today announced the Company received a Notice of Termination (the "Notice") from Bausch Health (NYSE: BHC) in connection with the License, Development and Commercialization Agreement (the "Agreement") of Trulance® (plecanatide). The Notice alleges that Cipher is in breach of certain unspecified provisions of the Agreement.
As previously disclosed, Cipher initiated a strategic review process to target distribution partnerships for the Canadian commercial assets. As part of this process, the Company was in active discussions to sub-license Trulance® with multiple parties.
Cipher believes the Notice is without merit and intends to vigorously challenge it.