PDL BioPharma Provides Additional Information Regarding Acquired Diabetes Royalty Rights

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Go back to PDL BioPharma Provides Additional Information Regarding Acquired Diabetes Royalty Rights

PDL BioPharma (PDLI) Issues Clarification on Glumetza Royalty Rights (VRX)

November 6, 2015 9:02 AM EST

PDL BioPharma (NASDAQ: PDLI) issued financial results for the third quarter on Wednesday, November 4, 2015 and has subsequently received numerous inquiries on its reported royalties from royalty rights it acquired from Depomed, Inc. (Depomed). Specifically, the nature of the questions were about royalties for Glumetza® (metformin HCL extended-release tablets), which is currently marketed and sold by Valeant Pharmaceuticals International, Inc. (Valeant).

Background

When PDL acquired the Depomed royalty rights in October 2013, Glumetza was sold and marketed by Santarus, Inc. (Santarus). In January 2014, Salix Pharmaceuticals, Inc. (Salix) acquired Santarus and assumed responsibility for... More