Biovail, Athpharma terminate joint development agreement

By Elaine Rigoli

Tampa, Fla., July 24 - Biovail Corp. and Athpharma Ltd. announced the amicable termination of their joint development agreement related to four development-stage cardiovascular products. As part of this arrangement, Biovail will transfer these four products to Athpharma.

Biovail said it will retain an ongoing economic interest through a royalty on Athpharma's future net revenues from the products, if and when they are commercialized.

Athpharma said it will make an undisclosed cash payment to Biovail as a result of the termination of the agreement.

Additionally, Biovail has acquired the option to license certain intellectual property from Athpharma, which would provide future consideration to Athpharma.

The four products being transferred are: Bisochron (bisoprolol), a beta-1 selective beta-blocker chronotherapeutic formulation for the treatment of hypertension; Isochron (isosorbide-5-mononitrate), a long-acting nitrate chronotherapeutic formulation for the treatment of angina; and Hepacol I (pravastatin) and Hepacol II (simvastatin), two liver-selective sustained-release statin formulations for the treatment of high cholesterol.

Biovail is a pharmaceutical company with headquarters in Mississauga, Ont.

Athpharma is a pharmaceutical company based in Athlone, Ireland.

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