ARTICLE | Company News

Biovail restructures U.S. marketing

May 4, 2005 12:47 AM UTC

Biovail (TSE:BVF; 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, Kos (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.

BVF and KOSP also partnered to develop up to three of BVF's cardiovascular compounds, including a fixed-dose combination of Cardizem LA and enalapril to treat hypertension. BVF is eligible for milestones on the combination product and has an exclusive manufacturing and supply agreement with KOSP for the three compounds. KOSP said an NDA for the single-tablet formulation of Cardizem LA and enalapril is expected in the first half of 2007. ...