Biovail in $130M rights deal with Wyeth

Toronto, Canada-headquartered Biovail has acquired US marketing rights from Wyeth to its Ativan (lorazepam) and Isordil (isosobide dinitrate) oral product lines in a deal worth some $130 million.

Biovail's chief executive, Eugene Melnyk, said in a prepared statement that Ativan, an anxiety treatment, and Isordil, a nitrate-based angina drug, "have tremendous brand equity and strategically complement two of our target therapeutic areas."

Moreover, the market for anti-anxiety treatments topped $11 billion in 2002, while nitrate product turnover was more than $360 million, noted Biovail. The company added that the two drugs had US sales in excess of $50 million last year.