Depomed Announces Receipt of $1 million Milestone Payment From Ironwood Pharmaceuticals
Depomed, Inc. (NASDAQ: DEPO) today announced that it has received a $1 million milestone payment from Ironwood Pharmaceuticals, Inc. following the development and delivery of a prototype formulation of an Ironwood development candidate meeting pre-specified attributes under its Research Collaboration and License Agreement to license Acuform® technology to Ironwood signed in July 2011.
Under the terms of the agreement, Depomed licensed to Ironwood worldwide rights to Depomed's Acuform gastric retentive drug delivery technology for an Ironwood development program directed at gastrointestinal disorders. Under the terms of the agreement, Depomed received an upfront license fee on signing in 2011 and is eligible to receive additional payments pending achievement of certain development and regulatory milestones, as well as royalties on product sales.
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