Depomed Announces Closing of NUCYNTA Commercialization Agreement With Collegium Pharmaceutical
January 10 2018 - 9:00AM
Depomed, Inc. (Nasdaq:DEPO) today announced the closing of its
previously disclosed Commercialization Agreement (“Agreement”) for
the U.S. rights to commercialize both NUCYNTA® Extended Release and
NUCYNTA® Immediate Release (“NUCYNTA”) with Collegium
Pharmaceutical Inc. (“Collegium”). In connection with the
closing, Depomed received an upfront $10 million cash payment from
Collegium.
“We are pleased to finalize this agreement which has a
compelling strategic logic for both companies,” said Arthur
Higgins, President and CEO of Depomed. “It not only delivers on our
commitment to maintaining a strong NUCYNTA franchise, but also
frees up resources to accelerate our investment into our neurology
and specialty businesses.”
As previously announced, on December 4, 2017, Depomed signed a
definitive Commercialization Agreement with Collegium under the
terms of which, Collegium will commercialize NUCYNTA and in
exchange Depomed will receive a royalty rate on all NUCYNTA
revenues based on certain net sales thresholds.
Additional details can be found in Depomed’s Form 8-K filed with
the Securities and Exchange Commission on December 4, 2017.
About Depomed
Depomed is a leading specialty pharmaceutical company focused on
enhancing the lives of the patients, families, physicians,
providers and payors we serve through commercializing innovative
products for pain and neurology related disorders. Depomed markets
three medicines with areas of focus that include neuropathic pain
and migraine. To learn more about Depomed, visit
www.depomed.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. The statements that are not historical facts
contained in this release are forward-looking statements that
involve risks and uncertainties including, but not limited to,
those related to the commercialization of NUCYNTA ER and NUCYNTA,
the impact of this transaction on Depomed's financial outlook for
2018 and other risks detailed in the Company's Securities and
Exchange Commission filings, including the Company's most recent
Annual Report on Form 10-K and most recent Quarterly Report on Form
10-Q. The inclusion of forward-looking statements should not
be regarded as a representation that any of the Company's plans or
objectives will be achieved. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to
publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
INVESTOR AND MEDIA CONTACT:
Christopher Keenan VP, Investor Relations and Corporate
Communications 510-744-8000 ckeenan@depomed.com
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