DepoMed to Collect $18 Million in Patent Suit
It accused Bristol-Myers of infringing on its drug-release patent.
Shares of drug and delivery systems developer
DepoMed
(DMI)
rose 25% after the company said
Bristol-Myers Squibb
(BMY) - Get Bristol-Myers Squibb Company Report
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would pay it $18 million to settle a suit.
Recently, shares were up 51 cents at $2.49 on the
American Stock Exchange
.
DepoMed had alleged in March that Bristol-Myers Squibb infringed on its patented technology for the controlled release of medication with its once-daily Glucophage XR tablet.
The agreement also allows both companies to grant to each other "a limited non-exclusive royalty free license," DepoMed said in a press release.
