GlaxoSmithKline agreed to sell US commercial rights for Wellbutrin XL, an antidepressant, to Biovail Corp. for $510 million, according to a Bloomberg report. Wellbutrin's patent expired over two years ago. GSK will retain rights to the drug outside the US.
Rockville, MD-based biotech Vanda Pharmaceuticals secured an FDA approval for its first product, a schizophrenia treatment called Fanapt (iloperidone). The drug will be available in pharmacies later this year, according to a company statement.