Depomed (DEPO) Receives $10M in JANUMET XR Approval by FDA (MRK)
Depomed, Inc. (Nasdaq: DEPO) announced that Merck (NYSE: MRK) disclosed on February 2, 2012 that the U.S. Food and Drug Administration (FDA) approved JANUMET XR (sitagliptin and metformin hydrochloride (HCl) extended-release) tablets, a new treatment for type 2 diabetes that combines sitagliptin, which is the active component of JANUVIA (sitagliptin), with extended-release metformin.
JANUMET XR provides a convenient once-daily treatment option for healthcare providers and patients who need help to control their blood sugar. Depomed has provided Merck a license to certain of Depomed's patents directed to metformin extended release technology for JANUMET XR pursuant to the terms of the license agreement signed with Merck in 2009. Depomed received $10 million upon signing the license agreement and $2.5 million upon Merck's filing of the JANUMET XR New Drug Application with the FDA. Depomed will receive modest, single-digit royalties on net product sales of JANUMET XR through the expiration date of the licensed patents.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
JANUMET XR provides a convenient once-daily treatment option for healthcare providers and patients who need help to control their blood sugar. Depomed has provided Merck a license to certain of Depomed's patents directed to metformin extended release technology for JANUMET XR pursuant to the terms of the license agreement signed with Merck in 2009. Depomed received $10 million upon signing the license agreement and $2.5 million upon Merck's filing of the JANUMET XR New Drug Application with the FDA. Depomed will receive modest, single-digit royalties on net product sales of JANUMET XR through the expiration date of the licensed patents.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- Auxilium (AUXL) Files Suit Against Watson (WPI) Over Testim 1% Gel
- Boehringer Ingelheim, Lilly (LLY) Say Linagliptin Showed Significant Improvement in HbA1c in Phase 3
- Catalyst Pharmaceutical (CPRX) Reports Encouraging Data from CPP-115 Phase Ia
Create E-mail Alert Related Categories
Corporate News, FDASign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
