Depomed Inc. (DEPO) announced Friday that Merck disclosed on February 2, 2012 that the U.S. Food and Drug Administration approved JANUMET XR, or sitagliptin and metformin hydrochloride extended-release, tablets, a new treatment for type 2 diabetes that combines sitagliptin with extended-release metformin. Sitagliptin is the active component of JANUVIA.
The company noted that JANUMET XR provides a convenient once-daily treatment option for healthcare providers and patients who need help to control their blood sugar.
Depomed said that it has provided Merck a license to certain of Depomed's patents directed to metformin extended release technology for JANUMET XR pursuant to the terms of the license agreement signed with Merck in 2009.
Depomed stated that it received $10 million upon signing the license agreement and $2.5 million upon Merck's filing of the JANUMET XR New Drug Application with the FDA. Depomed added that it will receive modest, single-digit royalties on net product sales of JANUMET XR through the expiration date of the licensed patents.
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