Navigation Links
GlaxoSmithKline to Divest US Rights for Wellbutrin XL(R) to Biovail for $510 Million

RESEARCH TRIANGLE PARK, N.C., May 6 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (NYSE: GSK) today announced that it has entered into an agreement to divest full commercial rights to Wellbutrin XL(R) in the United States to Biovail International Laboratories SRL, a subsidiary of Biovail Corporation (NYSE, TSX: BVF), for $510 million (euro 340 million). The agreement is subject to Hart-Scott-Rodino regulatory clearance in the United States.

Generic competition to Wellbutrin XL began at the end of 2006 for the 300mg tablet and during the second quarter of 2008 for the 150mg tablet. US sales of Wellbutrin XL in the first quarter of 2009 were euro 45 million (-70%).

"We are actively reshaping our US business and managing the transition occurring in our product portfolio," said Deirdre Connelly, President North American Pharmaceuticals, GlaxoSmithKline. "This transaction is one of a series of actions we are taking to maximize the value of our current assets and to enable us to resource and invest in new products and upcoming launches."

Under the terms of the agreement, GSK will transfer the US NDA and license the Wellbutrin XL trademark to Biovail for use in the US. GSK will retain existing rights to Wellbutrin XL (excluding Canada) for countries outside the US. Sales of Wellbutrin XL outside the US were euro 7 million in the first quarter of 2009.

GSK expects to record a pre-tax gain of approximately euro 340 million in Other Operating Income as a result of this divestment. The company now expects the combined total of Other Operating Income and profit on disposal of interests in associates to be around euro 700 million in 2009.

Wellbutrin XL (bupropion hydrochloride extended-release tablets) is indicated for the treatment of major depressive disorder and seasonal affective disorder. It was developed by Biovail and has been distributed by GSK in the United States since September 2003.

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit

Cautionary statement regarding forward-looking statements

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual Report on Form 20-F for 2008.


Brand names appearing in italics throughout this document are trademarks of GSK.

SOURCE GlaxoSmithKline plc
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. GlaxoSmithKline Responds to JAMA Articles
2. MedImmune Licenses Reverse Genetics Technology to GlaxoSmithKline for Use in Influenza Vaccine Development and Production
3. Congressional Black Caucus Foundation and GlaxoSmithKline Announce Supplier Business Initiative Study Results
4. AUDIO from Medialink and GlaxoSmithKline: A New Nasal Spray for Allergy Relief
5. Mylan Announces Settlement of Paroxetine Hydrochloride Extended-Release Tablets with GlaxoSmithKline
6. GlaxoSmithKline Aids California Fire Relief Efforts
7. Genmab and GlaxoSmithKline Initiate Ofatumumab Rheumatoid Arthritis Phase III Program
8. GlaxoSmithKline Obtains Exclusive U.S. OTC Marketing Rights to MEVACOR(R) (lovastatin) from Merck & Co., Inc.
9. Pharmacopeia and GlaxoSmithKline Collaboration Identifies Two Additional Lead Compounds
10. GlaxoSmithKline Presents Innovative Neuroscience Pipeline
11. GlaxoSmithKline Receives FDA Complete Response Letter for Cervical Cancer Vaccine
Post Your Comments:
(Date:6/27/2016)... ... June 27, 2016 , ... ... payment industry today announced its strategic partnership with Connance, a healthcare industry ... The two companies’ proven, proprietary technology combine to provide health systems, hospitals ...
(Date:6/26/2016)... , ... June 26, 2016 , ... On June 10-11, ... of the 2016 Cereal Festival and World’s Longest Breakfast Table in Battle Creek, MI, ... the city’s history as home to some of the world’s leading providers of cereal ...
(Date:6/26/2016)... ... June 26, 2016 , ... Many ... been diagnosed with endometriosis. These women need a treatment plan to not only ... approach that can help for preservation of fertility and ultimately achieving a pregnancy. ...
(Date:6/25/2016)... ... June 25, 2016 , ... "With 30 hand-drawn hand gesture animations, FCPX ... Austin - CEO of Pixel Film Studios. , ProHand Cartoon’s package transforms over ... Cut Pro X . Simply select a ProHand generator and drag it above media ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, ... Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments in ... the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 ... of the "Structural Electronics 2015-2025: Applications, Technologies, ... In-Mold Electronics, Smart Skin, ... Photovoltaics Structural electronics involves electronic ... load-bearing, protective structures, replacing dumb structures such as ...
(Date:6/24/2016)... , June 24, 2016 Dehaier Medical ... the "Company"), which develops, markets and sells medical devices ... , signed a strategic cooperation agreement with Hongyuan ... "Hongyuan Supply Chain") on June 20, 2016, to develop ... the strategic cooperation agreement, Dehaier will leverage Hongyuan Supply ...
(Date:6/24/2016)... 24, 2016 Research and Markets has ... Companion Diagnostic Tests" report to their offering. ... Diagnostics The World Market for Companion Diagnostics ... diagnostics. Market analysis in the report includes the following: ... Vitro Diagnostic Kits) by Region (N. America, EU, ROW), 2015-2020 ...
Breaking Medicine Technology: