Shares of BioDelivery Sciences Are Up 13% After Licensing Agreement Announcement

Today, shares of BioDelivery Sciences

are up nearly 13% after the company announced a licensing agreement with Endo Pharma

. BioDelivery Sciences International, Inc., Arius Pharmaceuticals, Inc. a wholly-owned subsidiary of the Company, and Arius Two, Inc., a wholly-owned subsidiary of the Company, entered into a definitive License and Development Agreement with Endo Pharmaceuticals Inc., a Delaware corporation, pursuant to which the Company, Arius and Arius Two agreed to grant to Endo an exclusive commercial world-wide license to develop, manufacture, market and sell the Company's BEMA Buprenorphine product and to complete U.S. development of the Product for purposes of seeking FDA approval. Pursuant to the License Agreement, the Company is responsible for the completion of all clinical trials regarding the Product necessary to submit a New Drug Application to the U.S. Food and Drug Administration in order to obtain approval of the Product in the United States, pursuant to a development plan set forth in the License Agreement. The Company is responsible for all development activities through the filing of the NDA in the U.S., while Endo is responsible for the development following the NDA submission as well as the manufacturing, distribution, marketing and sales of the Product on a worldwide basis. In addition, Endo is responsible for all filings required to be in order to obtain regulatory approval of the Product.