09:48 AM EST - Biovail Corp. : said that a wholly-owned subsidiary has completed the acquisition of the worldwide development and commercialization rights to the entire portfolio of tetrabenazine products, including Xenazine/Nitoman, and the associated intellectual property rights held by Cambridge Laboratories (Ireland) Limited and its affiliates. Under the terms of the agreement, Biovail has paid $200 million and will pay an additional $30 million in two tranches over the next 24 months to acquire the worldwide development, manufacturing, and commercialization rights to the tetrabenazine product portfolio. This includes a controlled-release formulation of tetrabenazine in development for Tourette Syndrome, as well as RUS-350 - an isomer of tetrabenazine that may enter Phase 2 clinical development in the next 12 months. In addition, Biovail has obtained a broad range of intellectual property for the product portfolio, including issued and pending patents. The company further noted that it will earn revenue from the worldwide sales that have been established through Cambridge's network of marketing partners in approved territories. Biovail Corp.
shares T.BVF are trading down $0.34 at $14.32.
