Biotech royalty company PDL BioPharma Inc (NASDAQ:PDLI) on Thursday amended the original Royalty Purchase and Sale Agreement with Depomed Inc covering Glumetza and its authorised generic, Jentadueto XR, Invokamet XR and Synjardy XR Type 2 diabetes products.
Through this new agreement PDL acquired all of Depomed's remaining rights to royalties and milestones payable on sales of type 2 diabetes products for up to USD20mn.
Under the original royalty agreement, PDL would have shared future royalties equally with Depomed after total cash received by PDL reached USD481m, or two times PDL's original investment, which PDL expects to occur by October 2020.
The amendment allows PDL to make an initial payment of USD10m to Depomed plus an additional USD10m is payable if Depomed meets certain conditions specified in the amendment.
Diamyd Medical granted US FDA Fast Track designation for Diamyd diabetes treatment
Aprecia names new chief commercial officer
Insulet's Omnipod 5 integration with Abbott FreeStyle Libre 2 Plus Sensor secures CE Mark approval
Kyowa Kirin enrols first subject in phase two tivozanib eye drops (KHK4951) clinical trial
Novo Nordisk to boost manufacturing capacity with acquisition of three fill-finish sites
Breye Therapeutics commences phase 1b/2a danegaptide clinical trial
DexCom Inc breaks ground on new manufacturing facility in Ireland
VibroSense Dynamics AB secures provisional patent for chemotherapy-induced nerve damage prediction
Innovent Biologics signs collaboration agreement with Sanegene Bio USA
Japan approves GSK's filing for Arexvy vaccination for at-risk adults
Arecor Therapeutics plc extends collaboration with Eli Lilly
OptiBiotix Health partners with Ravenswood for SlimBiome distribution in Australia and New Zealand
Boehringer Ingelheim granted European approval of oral liquid medication for feline diabetes