GlaxoSmithKline to Divest US Rights for Wellbutrin XL(R) to Biovail for $510 Million
Generic competition to Wellbutrin XL began at the end of 2006 for the 300mg tablet and during the second quarter of 2008 for the 150mg tablet. US sales of Wellbutrin XL in the first quarter of 2009 were
"We are actively reshaping our US business and managing the transition occurring in our product portfolio," said
Under the terms of the agreement, GSK will transfer the US NDA and license the Wellbutrin XL trademark to Biovail for use in the US. GSK will retain existing rights to Wellbutrin XL (excluding
GSK expects to record a pre-tax gain of approximately
Wellbutrin XL (bupropion hydrochloride extended-release tablets) is indicated for the treatment of major depressive disorder and seasonal affective disorder. It was developed by Biovail and has been distributed by GSK in
GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com
Cautionary statement regarding forward-looking statements
Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual Report on Form 20-F for 2008.
Brand names appearing in italics throughout this document are trademarks of GSK.
SOURCE GlaxoSmithKline plc
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