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news.Forest Laboratories Holdings, a wholly owned subsidiary of Forest Laboratories and Mylan have amended their January 2006 agreement to commercialize, develop and distribute the approved novel beta blocker Bystolic for the treatment of hypertension.
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Under the terms of this amendment, Forest Laboratories Holdings (Ireland) will make a one-time cash payment of $370 million to Mylan. Forest will continue to pay Mylan its contractual royalties for three years, through calendar 2010, after which Forest will pay an amount consistent with the royalty rates Forest generally pays with respect to its principal products for the supply of active pharmaceutical ingredient (API). Beginning in the first quarter of calendar 2011 Forest will amortize the one-time cash payment over the remaining patent life of the product.
The companies have agreed that Forest will assume Mylan’s commercial rights for Bystolic in the US and Canada including, but not limited to, the elimination of Mylan’s option to co-promote the product. Forest will be responsible for all future Bystolic development expenses as well as all sales and marketing expenses for the product.