Depomed (DEPO) buys the rights to Cambia (it's an NSAID) from Nautilus Neurosciences.
DEPO is paying $48.7M and "may pay ... up to an additional $5M based on the achievement of certain annual net sales milestones."
The drug is "the only single agent NSAID in the U.S. specifically indicated for migraine, and immediately increases DEPO's topline with annualized net sales run rate of approximately $18M over the past 3 months."
DEPO sees some possible synergies given the overlap in neurologists who prescribe both Gralise and Cambia.
Updated year-end cash guidance for DEPO: $268-272M. (PR)
DEPO +1.4% AH