Forest to pay Mylan $75M for nebivolol rights

Forest Laboratories has agreed to pay Mylan $75 million for the development rights to the hypertension drug nebivolol in the U.S. and Canada. Forest also agreed to a series of unspecified milestones for the successful development of the drug, and took responsibility for sales and marketing. Final approval of the beta blocker requires meeting FDA conditions outlined in an "approvable letter" sent to Mylan last May. Mylan has completed a pre-clinical study of the drug in order to respond to the FDA. Mylan says it will submit new data to the FDA in the second half of this year.

- read this AP report