Specialty pharmaceutical company
said Thursday that it ended its agreements with Espirit Pharma, reacquiring the rights to urinary tract infection treatment ProQuin XR.
The Menlo Park, Calif., company said it terminated the license, supply and co-promotion agreements for the extended release formulation of ProQuin for uncomplicated urinary tract infections. And accordingly, DepoMed will receive $17.5 million, the ownership of the new-drug application (NDA) for Proquin and promotional materials related to the drug.
DepoMed intends to use its network for type II diabetes drug Glumetza for sales and distribution of Proquin in the U.S.
"We believe ProQuin will be a success, and we are continuing our discussions with potential new partners. We worked closely with Esprit to unwind the ProQuin agreements in a manner that assures our ability to continue commercializing ProQuin and appreciate their efforts in reaching this amicable agreement," said John Fara, chief executive of DepoMed.
DepoMed shares were up 3 cents, or 0.6%, to $4.95 in recent trading Thursday.