Coviden licenses technology from Depomed
Covidien has licensed worldwide rights from fellow USA-based Depomed to utilize the latter's AcuForm gastric retentive drug-delivery technology for the exclusive development of four undisclosed products. The products will target a key strategic focus of Covidien's pharmaceutical business and address major medical needs, the firm says.
Under an agreement with Mallinckrodt, a subsidiary of Covidien, Depomed will receive a one-time upfront payment of $4.0 million, and could receive up to $64.0 million in additional development milestones over the next several years. In addition, Covidien will pay Depomed a royalty on sales of products developed under this license agreement. The former will be responsible for all development other than certain initial formulation work and will pre-pay Depomed for the initial formulation work performed under the collaboration.
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