Biovail shells out upfront fee of $500,000.
Biovail gained access to Depomed’s AcuForm™ drug delivery technology for the development of up to two products. Biovail may select these products from an agreed-upon list of compounds at any time over the next 18 months.
Biovail paid Depomed an upfront fee of $500,000 and is contingently obligated to pay Depomed additional fees related to the exercise of the license option, the initiation of the first Phase III trial for each product, and upon receipt of U.S. regulatory approval for each product. The agreement also stipulates that Biovail make royalty payments to Depomed on net commercial sales of any product developed under the agreement. Depomed has no development obligations under the agreement.