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news.Merck has paid $2.5m milestone payment to Depomed under a license agreement in relation to certain patents directed to metformin extended release technology for the development of fixed dose combinations of sitagliptin and extended release metformin.
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Depomed is a specialty pharmaceutical company with one product candidate through Phase 3 clinical development, another in Phase 3 clinical development, two approved products on the market and other product candidates in its early stage pipeline.
Depomed president and CEO Carl Pelzel said that they are pleased that they have received this important milestone payment and look forward to the anticipated market approval of the extended release formulation of Janumet.
"The resulting royalty stream would add to our revenues and support our growth as a specialty pharmaceutical company," said Pelzel.