Biovail, Kos deal

BVF restructured its primary care marketing organization in the U.S. and will reduce its headcount by 23% to about 1,694 from 2,200. As part of the restructuring, KOSP will pay BVF $104 million to acquire cardiovascular drugs Teveten eprosartan and Teveten HCT and to gain distribution rights to Cardizem LA diltiazem in the U.S. and Puerto Rico. Under the deal, KOSP will offer to hire 200 members of BVF's U.S. commercial group. In 2004, U.S. net sales of Teveten and Teveten HCT were $18 million, and Cardizem LA sales were $54 million. At Dec. 31, 2004, BVF had $34.3 million in cash and $216.1 million in operating profit for the year. ...