• Molecular Insight Pharmaceuticals Inc., of Cambridge, Mass., said the company has received a fourth extension of its waiver agreement with its bond holders, allowing debt restructuring discussions to progress. Under terms of the fourth extension, the bond holders and bond indenture trustee agreed to extend the waiver of a default arising from the inclusion of a going concern explanatory paragraph in the independent auditor's report on the company's financial statements for the year ended Dec. 31, 2009 and other technical defaults under the bond indenture. The term of the waiver is extended until 12:01 a.m. Eastern Standard Time on July 16. During this waiver period, the company expects to continue to discuss with its bond holders various proposals being exchanged between the bond holders and the company, which generally contemplate, among other things, a deleveraging of the company through a debt for equity exchange.

• Santarus Inc., of San Diego, is cutting about 120 employees, a 37 percent reduction in work force, and is ceasing promotion of Zegerid (omeprazole/sodium bicarbonate), an immediate-release proton pump inhibitor approved in upper gastrointestinal diseases and disorders, due to the launch of an authorized generic Zegerid on the market. The company expects restructuring-related charges in the third quarter to total between $7.4 million and $8.5 million, and said selling and marketing expenses should be reduced by about $40 million annually beginning in the fourth quarter of this year. Santarus expects to regain about 110 sales reps to promote Glumetza (metformin HCl extended-release tablets) in Type II diabetes.

• United Therapeutics Corp., of Silver Spring, Md., and Lee's Pharmaceutical Holdings Ltd., of Hong Kong, have entered into an exclusive agreement for the distribution of Remodulin (treprostinil) injection in China. Remodulin is a subcutaneously or intravenously administered prostacyclin analogue for the treatment of pulmonary arterial hypertension. Under the terms of the distribution agreement, Lee's Pharmaceutical will be responsible for obtaining all necessary authorizations to market Remodulin in China, including conducting necessary bridging studies. Upon receipt of marketing authorization and pricing approval, Lee's Pharmaceutical will purchase Remodulin from United Therapeutics at a transfer price agreed to by the parties.

• Vastrata Ltd., of Corbridge, UK, entered an exclusive, worldwide licensing deal with Mitovie Pharma Ltd., of Gerrards Cross, UK, covering VAS005/MVP009 for an undisclosed indication in the field of women's health. Under the terms, Vastrata will receive payments linked to commercial success of the project. VAS005 originated from Vastrata's portfolio, which is focused on creating improved versions of existing drugs.

• Watson Pharmaceuticals Inc., of Morristown, N.J., completed the acquisition of U.S. rights to the Crinone and Prochieve progesterone gel product line from Columbia Laboratories Inc., of Corona, Calif. Terms of the deal called for Watson to pay an initial $47 million and receive 11 .2 million shares of Columbia stock, with additional milestone payments of up to $45.5 million related to regulatory approvals and product launches. (See BioWorld Today, March 5, 2010.)