Depomed Acquires CAMBIA From Nautilus Neurosciences For $48.7 Mln

(RTTNews) - Depomed, Inc. (DEPO) said Tuesday that it has acquired the United States rights to migraine medicine CAMBIA from Nautilus Neurosciences for $48.7 million, $7.5 million of which will be deposited into an escrow account. In addition, Depomed may pay Nautilus up to an additional $5 million based on the achievement of certain annual net sales milestones.

Depomed will also assume certain liabilities, including third party royalties and up to $10 million in third party sales milestone payments.

CAMBIA, launched in 2010, is a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks with or without aura in adults 18 years of age or older.

Depomed expects the acquisition of CAMBIA to be immediately accretive. The company updated year end 2013 cash guidance of $268 million to $272 million, pending future payment of taxes related to the PDL transaction.