Depomed Announces FDA Approval of Merck's JANUMET XR That Accesses Depomed Patents Licensed to Merck
Depomed, Inc. (Nasdaq: DEPO) today announced that Merck disclosed on February 2, 2012 that the U.S. Food and Drug Administration approved JANUMET® XR (sitagliptin and metformin hydrochloride extended-release) tablets, a new treatment for type 2 diabetes that combines sitagliptin, which is the active component of JANUVIA® (sitagliptin), with extended-release metformin. JANUMET® XR provides a convenient once-daily treatment option for healthcare providers and patients who need help to control their blood sugar.
Depomed has provided Merck a license to certain of Depomed's patents directed to metformin extended release technology for JANUMET® XR pursuant to the terms of the license agreement signed with Merck in 2009. Depomed received $10 million upon signing the license agreement and $2.5 million upon Merck's filing of the JANUMET® XR New Drug Application with the FDA. Depomed will receive modest, single-digit royalties on net product sales of JANUMET® XR through the expiration date of the licensed patents.
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