Depomed, Biovail agree to temporary standstill on Glumetza lawsuit

By Angela McDaniels

Seattle, Nov. 23 - Depomed Inc. said it has entered into a non-binding term sheet with Biovail Corp. that may lead to the resolution of the parties' ongoing contractual dispute related to the license agreement for Glumetza, a once-daily extended-release formulation of metformin.

As a result, the parties have also agreed to a short-term standstill arrangement related to the lawsuit filed by Depomed on Nov. 16.

The company provided no further specifics.

Depomed is a pharmaceutical company based in Menlo Park, Calif., that uses its AcuForm drug delivery technology to develop novel oral products and extended-release formulations of existing oral drugs.

Mississauga, Ont.-based Biovail is a pharmaceutical company developing pharmaceutical products that use drug-delivery technologies.

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