Dextromethorphan is designed to treat cough due to minor throat and bronchial irritation.
As part of the deal, Tris will be responsible for manufacturing and regulatory activities, while Pfizer will manage sales, marketing and distribution.
Tris will receive an upfront payment, milestone payments and sales-based royalties in exchange for providing Pfizer US branded rights to its protected intellectual property for an extended release dextromethorphan formulation.
Pfizer Consumer Healthcare plans to launch extended-release Robitussin in July this year, before the 2015-2016 cough/cold season.
Tris CEO Ketan Mehta said: "The US cough and cold market has been ripe for innovation and when you consider that market research shows most patients prefer long-lasting relief in the form of a liquid, rather than a solid pill, our technology is well positioned to address this market."
Annually, there are millions of cough/cold suffers and for many of these patients, self-medicating with long-acting dextromethorphan will be the preferred option, according to the National Institute of Health (NIH).