Mylan sells rights of Parkinson's disease treatment Apokyn to Vernalis

By E. Janene Geiss

Philadelphia, Nov. 4 - Mylan Laboratories Inc. said Friday that it signed an agreement for the sale of the U.S. and Canadian rights for Apokyn to Vernalis plc.

Under the deal's terms, Mylan will receive a cash payment of $23 million and Vernalis will assume obligations, including completion of certain phase IV studies, according to a company news release.

Apokyn was previously marketed by Mylan Bertek, the Mylan subsidiary that closed earlier this year as part of a strategic restructuring.

"The sale of Apokyn, a product which requires a specialized sales force, is the latest step in the strategies that we announced earlier this year, including closing Mylan Bertek and our plan to out-license nebivolol," Robert J. Coury, Mylan's vice chairman and chief executive officer, said in the news release.

"After careful consideration and the evaluation of a number of companies, we're pleased to have selected Vernalis. This will be a key product in their Parkinson's disease franchise and we believe Vernalis is committed to the long term success of Apokyn," Coury added.

Mylan said it has agreed to provide certain transitional services, including supply chain management and customer service assistance.

Apokyn was approved by the Food and Drug Administration in April 2004 for the acute, intermittent treatment of hypomobility, "off" episodes associated with advanced Parkinson's disease, officials said.

Mylan is a Canonsburg, Pa., pharmaceutical company with three subsidiaries, Mylan Pharmaceuticals Inc., Mylan Technologies Inc. and UDL Laboratories, Inc., which focuses on development, licensing and manufacturing of generic and proprietary products.

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