Biovail, Pharma Pass II Ink Development Agreement

Canadian drugmaker Biovail’s subsidiary, Biovail Laboratories International, has signed an agreement with Pharma Pass II for two early-stage development products — BVF-068, a product for the treatment of a central nervous system disorder, and BVF-247, a novel formulation of a cardiovascular agent.

Biovail has acquired the worldwide rights to develop, manufacture and market BVF-068 and BVF-247. In return, Biovail will pay an upfront fee and is obligated to make additional milestone payments for each product.

The agreement also stipulates the payment of tiered, single-digit royalties on net commercial sales of the product, Biovail said.