GlaxoSmithKline had completed its $1.65 billion buyout of heart drug specialist Reliant Pharmaceuticals after the US Federal Trade Commission's early termination of its anti trust waiting period.
With the completion of the deal, Reliant's cardiovascular medicines join the GSK portfolio in the US. These include Lovaza (omega-3-acid ethyl esters), an FDA-approved treatment for adult patients with very high levels of triglycerides. Triglycerides are fatty substances in the blood associated with increased risks of coronary artery disease.
Lovaza (formerly known as Omacor) is indicated as an adjunct to diet to reduce triglyceride levels in adults with very high (=500 mg/dL) triglyceride levels. In the nine months ending September 30, 2007, net sales of Lovaza were $206 million, an increase of 115 per cent over the first nine months of 2006.
GSK acquired Reliant, based in Liberty Corner, NJ, for $1.65 billion (£800 million) in cash and expects the transaction will be slightly accretive to earnings in 2008, excluding integration costs, and will create additional value in following years.
"We're eager to begin building on Reliant's success with Lovaza," said Chris Viehbacher, president, US Pharmaceuticals, GSK. "We think this medicine has significant potential to help larger numbers of patients, and we expect it to become an important driver of sales growth in the US."
The acquisition gives GSK marketing rights to Lovaza in the US and Puerto Rico. Pronova BioPharma ASA (Oslo:PRON), the compound's originator, has licensed rights in other markets to several other companies.
In addition to Lovaza, three other cardiovascular products marketed by Reliant will join the GSK portfolio in the US. They are DynaCirc CR (isradipine) and InnoPran XL (propanolol HCl), which treat high blood pressure, and Rythmol SR (propafenone), which treats abnormal heart rhythms, or arrhythmia.
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