Sepracor Inc. said it has entered into an agreement to acquire Oryx Pharmaceuticals Inc., an affiliate of the Arrow Group. Oryx is a specialty pharmaceutical company that in-licenses and markets branded prescription pharmaceutical products to physician specialists and hospitals within Canada and is focused in the cardiovascular, central nervous system (CNS) disorders, pain and infectious disease therapeutic areas.
The company's portfolio consists of 14 specialized products, including Niaspan, Advicor, Angiomax, Naprelan, Cubicin, Trileptal and Restoril and is projected to achieve 2008 revenues of approximately Cdn $20 million.
Under the terms of the agreement, Oryx's shareholders will receive US $50 million (approximately 2.5 times projected 2008 sales) and may become entitled to receive subsequent payments up to $20 million upon accomplishment of various regulatory milestones. The transaction is expected to close on June 1, 2008, subject to customary closing conditions.
"The acquisition of Oryx fulfills a long-standing corporate objective of developing a commercial footprint in the strategically important Canadian pharmaceutical market. Given the growth in our research and development pipeline and the planned submissions of products such as Lunesta, Brovana and eslicarbazepine for marketing approval in Canada, this acquisition should enable us to fully leverage Sepracor's current and future product opportunities in this market in addition to the Oryx portfolio," said Adrian Adams, president and chief executive officer, Sepracor. "We are also delighted to be taking on board an experienced management team and commercial infrastructure that has demonstrated excellent regulatory and product launch successes over recent times."
"I am extremely proud of the team at Oryx and all that we accomplished in the past," said Douglas Reynolds, president, Oryx Pharmaceuticals Inc. "We are very excited to become part of such a growing and dynamic company as Sepracor and to building upon what is already a strong commercial footprint within Canada."
(Source:www.pharmabiz.com)
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