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news.XenoPort and Glaxo Group (GSK) have agreed to terminate their collaboration agreement concerning Horizant extended-release tablets, for which GSK held commercialization rights and certain development rights in the US.
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As part of the termination and transition agreement, GSK will return Horizant rights to XenoPort and provide assistance during a transition period.
The agreement also provides for a mutual release of claims and resolves all ongoing litigation between the companies.
GSK will continue to exclusively commercialize, promote, manufacture and distribute Horizant in the US and also fund the gabapentin enacarbil clinical studies initiated by it till the completion of the transition period on 30 April 2013.
Upon completion of transition period, XenoPort will assume all responsibilities for further development, manufacturing and commercialization of Horizant in the US.
GSK will also continue to supply Horizant tablets to XenoPort for an additional six months following the transition period upon XenoPort’s request.
Under the agreement, GSK is buying $20.0 million of common stock of XenoPort, or an aggregate of 1,841,112 shares at $10.863 per share.