Depomed and King terminate Glumetza agreement
MENLO PARK, Calif. and BRISTOL, Tenn. Depomed and King Pharmaceuticals have terminated their promotional agreement for Glumetza, a drug used to treat Type 2 diabetes.
Under the agreement, King has paid Depomed $30 million in termination and other fees. King will fulfill its promotion obligations through the end of 2007 and Depomed will not pay a promotion fee to King for the quarter ending on Dec. 31.
Carl A. Pelzel, president and chief executive officer of Depomed said that, “Our joint efforts in launching Glumetza have demonstrated the product’s value to patients and its commercial potential. Discussions with potential new marketing partners for Glumetza are already underway. We are confident that we can identify a partner that will assist us in continuing to drive growth in the primary care, endocrinology and other key healthcare markets. In the meantime, a portion of the proceeds from this termination agreement will be earmarked for the continued marketing and promotion of Glumetza.”
Sandoz completes $10 million expansion of N.C. facility
WILSON, N.C. Sandoz recently completed the major phase of its Wilson, North Carolina expansion when over 50 employees moved into a new 30,000 square foot building.
Over 65 new jobs are expected to be created in Wilson as a result of the $10 million expansion. The positions will be filled by pharmaceutical scientists and analytical chemists and will bring the total of employees at the site to almost 480.
“The new laboratories present an excellent workplace and opportunity for top scientists to help us continue to growth in the U.S.,” said Bernhard Hampl, president and chief executive officer of Sandoz. “The new products developed at the site will be the basis for the future growth of the Wilson site.”
Pfizer, Taisho sign letter of intent over schizophrenia drug candidate
TOKYO and NEW YORK Taisho Pharmaceuticals and Pfizer have concluded on a letter of intent with regard to Taisho’s new drug candidate for schizophrenia, TS-032.
The drug is currently in the pre-clinical stage and the letter of intent relates to a proposed license agreement regarding rights for development and commercialization.
Through the agreement, Taisho will grant exclusive development and commercialization rights outside Japan for the drug to Pfizer. Once the agreement is signed, Taisho will receive an initial payment of $22 million as well as milestone and royalties linked to the development and sales of the drug.