Biovail Enters Into License and Development Agreement
Biovail Corporation announced that a subsidiary, Biovail Laboratories International SRL, has entered into a license and development agreement with an undisclosed, privately held, drug-development company for the exclusive global rights to BVF-324, a novel product for the treatment of a prevalent sexual dysfunction.
The agreement allows for the licensing of clinical data, intellectual property and the rights to develop, manufacture and market BVF-324 globally. In return, Biovail has paid an upfront fee, and is contingently obligated to make additional milestone payments, including upon the initiation of the first Phase III trial for the product and upon the first commercial sale of the product in the United States. The agreement also stipulates that Biovail make tiered, single-digit royalty payments on net commercial sales of the product.
"This agreement provides Biovail the opportunity to enter the multi-billion-dollar, global sexual-dysfunction market with a novel treatment option that has generated robust Phase II data, and that has intellectual property protection beyond 2020 through a method-of-use patent," said Dr. Douglas Squires, Biovail's Chief Executive Officer. "This exciting product has the potential to address a large unmet clinical need, and to make a significant difference in the lives of millions of men and women."
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