The value of small cap stock for DepoMed, Inc. (NASDAQ: DEPO) rose during trading on Friday, as the company announced it had acquired the rights to Zipsor from Xanodyne Pharmaceuticals, Inc.
According to a release, Zipsor is a non-steroidal anti-inflammatory drug indicated for relief of mild to moderate acute pain in adults. The drug was introduced in 2009 and achieved approximately $19 million in net sales in the 12 months ended May 31, 2012.
"We are pleased to expand our portfolio of pain products with the addition of Zipsor to our sales force of 164 reps and 78 flex reps that today are detailing Depomed's Gralise® (gabapentin)," said Jim Schoeneck, president and CEO of Depomed. "Zipsor is an NSAID that we believe is differentiated in the pain space, allowing rapid absorption of the lowest available oral dose of diclofenac."
RTT News reported that the company acquired the drug for $25.9 million in cash and potential milestone payments.
The value of the company's stock rose $0.58 to $5.72 at 1:17 p.m., an increase of 11.2 percent on June 22.
