Depomed jumps on U.S. acquisition of migraine drug

Depomed Inc. (NASDAQ:DEPO) jumped $1.47 (18%) to $9.82 on Wednesday after announcing late Tuesday that it gained U.S. rights to migraine drug Cambia diclofenac oral solution from Nautilus Neurosciences Inc. (Bedminster, N.J.). Nautilus will receive $48.7 million in cash up front and will be eligible for up to $5 million in milestones on net sales. On a conference call to discuss the deal, Depomed said it immediately increased the price of Cambia by 26% "to close the gap versus other acute migraine products." The company expects the move to increase annual sales of Nautilus to about $22 million. ...