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news.Biovail Corporation's subsidiary Biovail Laboratories has entered into an agreement with Pharma Pass II for two early-stage development products, one for the treatment of a central nervous system disorder and a novel formulation of a cardiovascular agent.
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Under the terms of the agreement, Biovail has acquired the worldwide rights to develop, manufacture and market BVF-068 and BVF-247. In return, Biovail will pay an upfront fee to Pharma Pass II (PPII), and is contingently obligated to make additional milestone payments for each product, including upon the filing of a new drug application with the FDA, and upon FDA approval. The agreement also stipulates the payment of tiered, single-digit royalties on net commercial sales of the product.
Dr Douglas Squires, CEO of Biovail, said: “This agreement is the latest example of Biovail’s commitment to driving organic growth through an unyielding focus on R&D. These two products target large global markets, and have the potential to address safety issues inherent in the currently marketed formulations; an increasingly important focus of our pipeline efforts.”