MENLO PARK, Calif.--(BUSINESS WIRE)--Nov. 23, 2005--Depomed, Inc. (Nasdaq:DEPO) today announced that it has entered into a non-binding term sheet with Biovail Corporation (NYSE:BVF) (TSX:BVF) which may lead to the resolution of the parties’ ongoing contractual dispute related to the license agreement for Glumetza(TM), a once-daily extended-release formulation of metformin. As a result, the parties have also agreed to a short-term standstill arrangement related to the lawsuit filed by Depomed on November 16, 2005. Depomed does not intend to comment on the specifics of its discussions with Biovail, unless and until definitive documentation providing for a resolution of the dispute has been completed.
