Forest Labs acquires rights to schizophrenia treatment from Merck

|About: Forest Laboratories, Inc. (FRX)|By:, SA News Editor

Forest Labs (FRX +4.2%) is acquiring the rights to the schizophrenia or acute bipolar mania treatment Saphris(R) from a subsidiary of Merck (MRK +0.2%).

FRX will make an upfront payment of $240M.

MRK will be due additional payments subject to the achievement of certain sales milestones.

Other terms: "MRK will remain responsible for product supply, FRX will assume responsibility for continued commercialization, FRX will be the marketing authorization holder." (PR)

Earlier: FRX announces "Project Rejuvenate"