Biovail in deal with PPII for two products

Canada's Biovail, through its subsidiary Biovail Laboratories International, has entered into an agreement with Pharma Pass II (PPII) of California, USA, for two early-stage development products - BVF-068, a product for the treatment of a central nervous system disorder and BVF-247, a novel formulation of a cardiovascular agent.

Under the terms of the deal, Biovail has acquired the worldwide rights to develop, manufacture and market BVF-068 and BVF-247. In return, it will pay an upfront fee to PPII, and is contingently obligated to make additional milestone payments for each product, including upon the filing of a New Drug Application with the US Food and Drug Administration, and on the agency's approval. The agreement also stipulates the payment of tiered, single-digit royalties on net commercial sales of the product.