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Proquin XR

Depomed, Inc.

Drug Names(s): Ciprofloxacin Gastric Retention, UTIMINX (EU), URITENT (EU)

Description: Ciprofloxacin is a broad spectrum antibiotic that effects a wide range of gram-negative and gram-positive microorganisms. The bactericidal action of ciprofloxacin results from inhibition of the enzymes topoisomerase II (DNA gyrase) and topoisomerase IV, which are required for bacterial DNA replication, transcription, repair, and recombination.

Ciprofloxacin GR was developed using Depomed's Gastric Retention (GR) System technology for preferential absorption in the upper intestine. This technology created an extended-release product that requires dosing only once a day, compared to Cipro's twice-daily dosing.

Deal Structure: Depomed and Espirit
In July 2005, the Depomed entered into an agreement granting Esprit Pharma an exclusive license to market Proquin XR in the U.S. (including its possessions) and Puerto Rico. The agreement provides for a license fee of $50 million. In July 2005, in accordance with the agreement, the Company received an upfront payment of $5 million for the license fee with remaining payments of $25 million, $10 million, and $10 million due in August 2005, July 2006 and July 2007, respectively. In addition, the Company will receive royalties of 15% on the first $20 million of annual sales of Proquin XR by Esprit, 17.5% on the next $20 million of annual net sales, 20% on the next $40 million of annual net sales and 25% on annual net sales in excess of $80 million. The annual royalty payment is subject to a minimum royalty of $4.6 million in 2006 and $5 million in each subsequent year of the term. Esprits royalty obligation expires upon the last to expire of Depomeds...See full deal structure in Biomedtracker

Partners: Allergan plc Mylan Inc.

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