Forest Laboratories Inc (FRX) Monday revealed that its wholly-owned subsidiary unit, Forest Laboratories Holdings Limited, has entered into a definitive agreement with Janssen Pharmaceutica NV, wherein the subsidiary unit will acquire all U.S. patents and other U.S. and Canadian intellectual property for Bystolic (nebivolol), which is currently approved in the United States for the treatment of hypertension.
FRX revealed that its subsidiary unit has agreed to make a one-time cash payment of $357 million to Janssen Pharmaceutica NV, and, in turn, Janssen Pharmaceutica will assign all U.S. patents and other U.S. and Canadian know-how covering Bystolic, including the nebivolol composition of matter patent in the U.S. to the subsidiary unit of FRX.
The company further revealed that the subsidiary unit will amortize the one-time cash payment over the remaining patent life of Bystolic.
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