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ROCKAWAY, N.J. (AP) -- Drug company Warner Chilcott Inc. said Friday it has bought U.S. licensing rights to an impotence drug under development by NexMed Inc. Under the agreement, Warner Chilcott made an upfront payment to NexMed and agreed to pay royalties if the ointment drug reaches certain regulatory milestones. Exact terms of the agreement were not disclosed. East Windsor, N.J.-based NexMed submitted an application for the drug to the Food and Drug Administration in September. According to health research firm IMS Health, the U.S. market for impotence drugs is about $1.5 billion. NexMed's ointment differs from most of the pill-based treatments currently on the market. Shares of NexMed Inc. rose 11 cents, or 7.3 percent, to $1.62 in midday trading Friday. Shares of Warner Chilcott rose 22 cents to $18.28.
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