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news.Depomed has received a $5m milestone payment from Janssen Pharmaceutica following the delivery of a prototype of one of four formulations of a fixed dose combination of Canagliflozin, a Sodium Glucose Transporter 2 (SGLT2) inhibitor, and extended-release metformin by Depomed meeting certain specifications.
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As per the terms of the agreement, Depomed received a $5m upfront license fee, and receives reimbursements for its formulation work on the project and is also eligible for an additional milestone plus a royalty on potential future net sales.
The milestone payment for Depomed’s delivery of a prototype formulation meeting certain specifications also ensures that Janssen maintains the licenses granted under the parties’ agreement.
Depomed is eligible for an additional milestone plus a royalty on potential future net sales.
Depomed president and CEO Carl Pelzel said that they were pleased that they have been able to deliver a prototype formulation within a month after signing the licensing deal with Janssen.
"I would like to thank our formulation development team for their efficient work and the project teams from both companies for the excellent collaboration," Pelzel said.