Depomed acquires subsidiary
Depomed, from Menlo Park, CA, has acquired Elan's remaining 19.9% stake in Depomed's subsidiary, Depomed Development Ltd. (DDL) for $50,000.
Depomed, from Menlo Park, CA, has acquired Elan's remaining 19.9% stake in Depomed's subsidiary, Depomed Development Ltd. (DDL) for $50,000.
The acquisition gives Depomed 100% ownership of the subsidiary. The DDL subsidiary has performed early stage development on extended release formulations of gabapentin, baclofen and losartan.
'Having full ownership of DDL provides us with a more straightforward path to establishing corporate development and commercialisation partnerships with companies specifically focused on building franchises around three pharmaceutical opportunities,' said Dr John Fara, chairman, president and chief executive officer of Depomed.
Product information
Gabapentin is a widely used anti-epileptic medication and is also used to manage pain. In a Phase I clinical trial conducted by DDL, the data showed that Gabapentin GR was as bioavailable as the currently marketed immediate release gabapentin and showed an extended release plasma profile. Depomed is seeking a development and commercialisation partner that will share in the continued development of Gabapentin GR for a pain indication. Baclofen is a muscle relaxant and antispastic agent used to relieve muscle spasms, pain and muscular rigidity often associated with multiple sclerosis. Losartan is an angiotensin II antagonist that is used to treat hypertension and congestive heart failure. These programs will be evaluated and prioritised relative to other new product opportunities.