DOW JONES NEWSWIRES Forest Laboratories Inc. (FRX) acquired the high-blood pressure drug Bystolic from Johnson & Johnson's (JNJ) Janssen Pharmaceutica NV for a one-time cash payment of $357 million, eliminating all future royalties. The companies agreed to terminate the licenses in Canada for both Bystolic and the fibromyalgia drug Savella. Forest has established a Canadian subsidiary, which will take over the registration and commercialization of both products. Last month, Forest and Janssen sued several drug makers over plans to market generic versions of Forest's Bystolic hypertension drug, citing an existing patent. Forest's patent on the hypertension medication expires in December 2021 after patent-term extension. Like many drug makers, Forest Labs is looking to bolster its pipeline as the patent protection on its main money maker, the depression treatment Lexapro, expired in March and its No. 2 drug, the Alzheimer's and dementia treatment Namenda, loses exclusivity in 2015. The company in January reported its fiscal third-quarter earnings fell 13% as marketing costs soared, though revenue jumped 7.4%. Shares closed Friday at $34.69 and were inactive premarket. The stock is up 15% so far this year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
