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|  |  Depomed Announces Non-Binding Term Sheet Agreement With Biovail for GlumetzaPress Release November 26, 2005 MENLO PARK, Calif.--(BUSINESS WIRE)--Nov. 23, 2005--Depomed, Inc. (Nasdaq:DEPO) today announced that it has entered into a non-binding term sheet with Biovail Corporation (NYSE:BVF) (TSX:BVF) which may lea d to the resolution of the parties' ongoing contractual dispute related to the license agreement for Glumetza(TM), a once-daily extended-release formulation of metformin. As a result, the parties have also agreed to a short-term standstill arrangement related to the lawsuit filed by Depomed on November 16, 2005. Depomed does not intend to comment on the specifics of its discussions with Biovail, unless and until definitive documentation providing for a resolution of the dispute has been completed. About Depomed Depomed, Inc. is a specialty pharmaceutical company utilizing its innovative AcuForm drug delivery technology to develop novel oral products and improved, extended release formulations of existing oral drugs. AcuForm-based products are designed to provide once daily administration and reduced gastrointestinal side effects, improving patient convenience, compliance and pharmacokinetic profiles. Proquin(R) XR (ciprofloxacin hydrochloride) once daily, extended-release tablets have been approved by the FDA for the treatment of uncomplicated urinary tract infections. In addition, regulatory applications for once daily Glumetza(TM) (Metformin GR(R)) for the treatment of Type II diabetes have been approved in the U.S. and Canada. The company is also conducting a Phase II trial in post herpetic neuralgia with their product, Gabapentin GR. Additional information about Depomed may be found at its web site, www.depomedinc.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, those related to the contractual dispute between Depomed and Biovail, the related lawsuit, and any possible resolution of the parties' dispute. Additional forward-looking statements include those regarding commercialization of Depomed's products; Depomed's research and development efforts, including pre-clinical and clinical testing; regulation by the FDA and other government agencies; the timing of regulatory applications and product launches; and other risks detailed in the Securities and Exchange Commission filings of Depomed, including its Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Depomed undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contacts Depomed, Inc. Sylvia Wheeler, 650-462-5900
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