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Depomed, Biovail Enter Term Sheet Discussions
Posted on 2005-11-28 15:10:00
Pharmaceutical company Depomed Inc. said Wednesday its lawsuit against Biovail Corp. has come to a short-term standstill after the companies entered into a nonbinding term sheet.
Depomed did not comment on the specifics of its discussions with the Canadian drug maker.
The company sued Biovail in a California Superior Court on Nov. 16, seeking damages and a termination of their 2002 license agreement for diabetes treatment Glumetza. Depomed claims Biovail breached its contract by not launching a version of Glumetza within 120 days of U.S. and Canadian approval.
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