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Medicis (MRX) and IMPAX Laboratories, Inc. (IPXL) have entered into a Joint Development Agreement and a Settlement and License Agreement. In connection with the Settlement and License Agreement, Medicis and IMPAX have agreed to terminate all legal disputes between them relating to SOLODYN(R) (minocycline HCl, USP) Extended Release Tablets. Additionally, under terms of the agreements, IMPAX has confirmed that Medicis' patents relating to SOLODYN(R) are valid and enforceable, and cover IMPAX's activities relating to its generic product under an Abbreviated New Drug Application (ANDA).
Under the Joint Development Agreement, Medicis and IMPAX will collaborate on the development of five strategic dermatology product opportunities, including an advanced-form SOLODYN(R) product. In return, Medicis will pay IMPAX $40 million at signing, along with additional milestone payments totaling up to $23 million upon successful completion of certain clinical and regulatory milestones. Additionally, Medicis will pay IMPAX royalties based on sales of the advanced-form SOLODYN(R) product if and when it is commercialized by Medicis upon approval by the FDA. Medicis will share equally in the gross profit of the other four development products if and when they are commercialized by IMPAX upon FDA approval.
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