MENLO PARK, Calif., Feb. 3, 2012 (GLOBE NEWSWIRE) -- Depomed, Inc. (Nasdaq:DEPO) today announced that Merck disclosed on February 2, 2012 that the U.S. Food and Drug Administration (FDA) approved JANUMET® XR (sitagliptin and metformin hydrochloride (HCl) extended-release) tablets, a new treatment for type 2 diabetes that combines sitagliptin, which is the active component of JANUVIA® (sitagliptin), with extended-release metformin. JANUMET® XR provides a convenient once-daily treatment option for healthcare providers and patients who need help to control their blood sugar. Depomed has provided Merck a license to certain of Depomed's patents directed to metformin extended release technology for JANUMET® XR pursuant to the terms of the license agreement signed with Merck in 2009. Depomed received $10 million upon signing the license agreement and $2.5 million upon Merck's filing of the JANUMET® XR New Drug Application with the FDA. Depomed will receive modest, single-digit royalties on net product sales of JANUMET® XR through the expiration date of the licensed patents.
