Forest Labs buys rights to Merck's Saphris

NEW YORK — Forest Labs is spending at least $240 million to buy rights to a psychiatric drug made by Merck, the New York-based drug maker said.

Forest said it would buy the U.S. rights for Merck's Saphris (asenapine), a tablet dissolved under the tongue for the treatment of schizophrenia and manic episodes in patients with bipolar disorder. Forest will pay Merck $240 million upfront, as well as milestone payments based on sales, while Merck will supply the drug. Forest will market the drug and conduct clinical studies.

Saphris received approval from the Food and Drug Administration and launched in 2009. Merck reported net sales of $150 million for the drug during the 12-month period that ended in September.