This excerpt taken from the DEPO 8-K filed Feb 20, 2009.
Item 1.01 Entry into a Material Definitive Agreement
On February 16, 2009, Depomed, Inc. (the Company) amended its Amended and Restated Promotion Agreement (the Promotion Agreement) with Watson Pharma, Inc. (Watson) related to the Companys Proquin® XR product (ciprofloxacin hydrochloride) pursuant to which Watson has a co-exclusive right to promote Proquin XR to the urology and obstetrics/gynecology specialties, and to the long-term care channel in the United States and its possessions, including Puerto Rico.
Pursuant to the amendment: (a) the Promotion Agreement will terminate effective December 31, 2009 (subject to earlier termination upon the Companys election; (b) Watsons sales detailing obligations for the quarter ending March 31, 2009 have been reduced; (c) Watson will continue to distribute product samples to prescribers of Proquin XR through December 31, 2009 (subject to minimum quarterly sampling obligations); (d) if requested by the Company, through the end of 2009, Watson will provide the Company with assistance to facilitate the orderly transition of promotion of Proquin XR to the Company or a third party; and (e) the Company will have no obligation to pay Watson promotion fees under the Promotion Agreement for periods beginning on or after January 1, 2009.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.