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DepoMed's Metformin Tablet Draws $37M Deal With Biovail

By Randall Osborne

Thursday, May 30, 2002
DepoMed Inc.'s Phase III once-daily diabetes drug Metformin GR netted the company a sweet licensing deal with Biovail Corp., in which the latter is buying 2.4 million newly issued DepoMed shares - 15 percent of the outstanding common shares - for $12.3 million and agreeing to pay $25 million if and when the continuous-release drug wins approval by the FDA. (BioWorld Today)

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