PDL BioPharma takes on 100% of Depomed's diabetes products royalties
US drugmaker PDL BioPharma (Nasdaq: PDLI) has acquired all of Depomed's remaining rights to royalties and milestones payable on sales of type 2 diabetes products licensed by Depomed for up to $20 million.
Under the original 2013 royalty agreement PDL would have shared future royalties equally with Depomed after total cash received by PDL reached $481 million, or two times PDL's original investment, which PDL expects to occur by October 2020.
Under terms of the amendment, PDL has made an initial payment of $10 million to Depomed. An additional $10 million will be payable if Depomed meets certain conditions specified in the amendment.
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