Forest Laboratories, Announces Buyout of Bystolic Royalties from Janssen Pharmaceutica for $357M
Forest Laboratories, Inc. (NYSE: FRX) today announced that Forest Laboratories Holdings Limited , its wholly owned subsidiary, and Janssen Pharmaceutica NV entered into an agreement under which Forest acquired all U.S. patents and other U.S. and Canadian intellectual property for Bystolic® (nebivolol), which is currently approved in the United States for the treatment of hypertension, thereby eliminating all future royalties. The acquisition was completed simultaneously with the execution of the agreement on March 30.
Under the terms of this agreement, Forest made a one-time cash payment of $357 million to Janssen, and Janssen assigned to Forest all U.S. patents and other U.S. and Canadian know-how covering Bystolic®, including the nebivolol composition of matter patent in the U.S. Forest will amortize the one-time cash payment over the remaining patent life of Bystolic.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.