Deal covers worldwide development, manufacturing, and commercialization of CNS and cardiovascular drugs.
Biovail acquired the worldwide rights to two reportedly early-stage candidates from Pharma Pass II (PPII). BVF-068 is being investigated for the treatment of a central nervous system (CNS) disorder, and BVF-247 is a novel formulation of a cardiovascular agent, according to the companies.
Biovail will develop, manufacture, and market both compounds. PPII will receive an upfront fee, milestone payments for each product, and tiered, single-digit royalties on net commercial sales.
“These two products target large global markets and have the potential to address safety issues inherent in the currently marketed formulations,” points out Douglas Squires, Ph.D., Biovail’s CEO.