Biovail Corp. (Nyse: BVF), with facilities in Morrisville, has acquired U.S. fights to the Ativan[R] and Isordil[R] oral product lines from Wyeth (Nyse: WYE) of Madison, N.J., for $130 million and annual payments pursuant to a three year supply agreement.
Ativan is prescribed for the management of anxiety disorders, while Isordil is indicated for the prevention of angina pectoris due to coronary artery disease. Sales of Ativan and Isordil in the U.S. were in excess of $50 million in 2002.
Biovail has also licensed data and technical know-how for the manufacturing and marketing in the U.S. of a sublingual formulation of Ativan, which is currently marketed in Canada.
Wyeth will receive a milestone payment on the development by Biovail of an Ativan product line extension and royalties on the future sales of any Ativan product line extensions developed and marketed by Biovail in the U.S.
For more information visit the company's Web site at www.biovail.com.
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