US-Australian anti-pain drug developer Spinifex Pharmaceuticals has been sold to Swiss pharmaceuticals giant Novartis for more than $US200 million.
Novartis will pay $US200 million for Spinifex, plus undisclosed "significant" milestone payments.
Spinifex's founding technology was developed at the University of Queensland by Prof Maree Smith and Dr Bruce Wyse.
They identified AT2 receptor antagonists as inhibitors of neuropathic pain (associated with nerve damage).
The technology was spun out of the University of Queensland into Spinifex Pharmaceuticals in 2005.
In 2014, Spinifex relocated substantial operations to the US.
Novartis will continue to develop the company's programs.
Novartis is planning to undertake clinical trials in patients with post herpetic neuralgia, a painful condition that can develop following shingles, and painful diabetic neuropathy.
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