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PDL BioPharma Acquires Portfolio of Diabetes Royalty Rights and Milestones from Depomed
Date:10/21/2013

has diabetes and 1.9 million new diagnoses occur per year in people aged 20 years and older.[i] "The acquisition of Depomed's diabetes royalty rights is a significant addition to our income generating assets," said John McLaughlin, chief executive officer of PDL BioPharma. "This acquisition allows PDL to participate in a potentially lengthy, diversified stream of royalties on products in different classes across the diabetes area. Our goal is to be the financial partner of choice to leading life science companies and other institutions seeking to access non-dilutive capital by monetizing their royalty assets, and we are actively looking to expand our portfolio."

Glumetza, a once-daily extended release metformin product approved for the treatment for adults with type 2 diabetes, is licensed by Depomed to Santarus, Inc. in the United States. For the year ended 2012, Depomed reported royalty revenues of $42.8 million based upon net sales of Glumetza by Santarus. PDL will receive Depomed's royalties on net sales of Glumetza of 32 percent for the remainder of 2013 and full year 2014, and 34.5 percent in 2015 and beyond. In the event of generic entry of a Glumetza product in the United States, PDL will share proceeds equally with Santarus based on a gross margin split. In addition to Glumetza royalties due from Santarus, PDL will receive Depomed's royalties due from Valeant Pharmaceuticals for sales in Canada and from LG Life Sciences for sales in Korea.

Janumet XR is Merck's fixed-dose combination product for type 2 diabetes containing sitagliptin, an extended release metformin that was approved by the FDA in February 2012. Depomed granted Merck a license as well as other rights to certain of its patents directed to metformin extended release technology for Janumet XR. PDL will receive Depomed's very low single digit royalty on Merck's net sales of Ja
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SOURCE PDL BioPharma, Inc.
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