Issue Date: May 11, 2009
Biovail Signs Deals With Acadia, GSK
Biovail and Acadia Pharmaceuticals are joining to commercialize pimavanserin, a drug developed by Acadia to treat psychosis caused by Parkinson's disease. It is currently in Phase III clinical trials. Biovail will make a $30 million up-front payment plus milestone payments for commercial achievements. Acadia could get up to $395 million. Separately, Biovail will acquire U.S. rights to GlaxoSmithKline's antidepressant Wellbutrin XL for $510 million. The drug, now off patent, was developed by Biovail.
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