Biovail Acquires Assets from Cortex Pharmaceuticals

29 March 2010 (Last Updated March 29th, 2010 18:30)

Biovail Laboratories, a subsidiary of Biovail Corporation has acquired compounds and intellectual property in the field of respiratory depression from Cortex Pharmaceuticals. The compounds include the Phase II CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage

Biovail Laboratories, a subsidiary of Biovail Corporation has acquired compounds and intellectual property in the field of respiratory depression from Cortex Pharmaceuticals.

The compounds include the Phase II CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage form of CX1739.

Under the asset purchase agreement, Biovail has paid an upfront fee of $9m and expects to pay an additional $1m after the transition period.

Biovail could also pay $15m on demonstrating the utility of CX717 in treating respiratory depression, the completion of Phase III trials using ampakine compounds and obtaining Food and Drug Administration approval.