Esprit paid company $17.5M to terminate agreement.!--h2>
Depomed ended its license agreement and the related supply and co-promotion agreements with Esprit Pharma for ProQuin® XR, an extended-release formulation of ciprofloxacin hydrochloride for the treatment of uncomplicated urinary tract infections.
Pursuant to the termination agreement, Esprit has paid Depomed $17.5 million. Esprit will also return the ownership of the Proquin NDA to Depomed along with all promotional materials. In addition, the parties have agreed to a detailed transition plan with specific activities and timelines related to the transition of the product from Esprit to Depomed.
"We are happy to have ProQuin back," says John W. Fara, Ph.D., chairman, president, and CEO of Depomed. "We believe ProQuin will be a success, and we are continuing our discussions with potential new partners. We worked closely with Esprit to unwind the ProQuin agreements in a manner that assures our ability to continue commercializing ProQuin and appreciate their efforts in reaching this amicable agreement."