Biovail and Athpharma Terminate Joint Development Agreement
Biovail Corporation and Athpharma Limited announced the amicable termination of their joint development agreement related to four development-stage cardiovascular products. As part of this arrangement, Biovail will transfer these four products to Athpharma.
Biovail will retain an ongoing economic interest through a royalty on Athpharma's future net revenues from the products, if and when they are commercialized. Athpharma will also make a cash payment to Biovail as a result of the termination of the agreement. Additionally, Biovail has acquired the option to license certain intellectual property from Athpharma, which would provide future consideration to Athpharma.
The four products being transferred are: Bisochron (bisoprolol), a beta-1 selective beta-blocker chronotherapeutic formulation for the treatment of hypertension, Isochron (isosorbide-5-mononitrate), a long-acting nitrate chronotherapeutic formulation for the treatment of angina, and Hepacol I (pravastatin) and Hepacol II (simvastatin), two liver-selective sustained release statin formulations for the treatment of high cholesterol.
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