ATLANTA--(BUSINESS WIRE)--Sciele Pharma, Inc.:
Sciele Pharma, Inc. (Head Office: Atlanta, Georgia, USA; President and CEO: Patrick P. Fourteau; hereafter “Sciele”), a U.S.-based group company of Shionogi & Co., Ltd. (Head Office: Osaka; President: Isao Teshirogi; hereafter “Shionogi”) and Addrenex Pharmaceuticals, Inc., (Head Office: Durham, North Carolina, USA; CEO: Moise A Khayrallah; hereafter “Addrenex”), a privately-held U.S. pharmaceutical company specializing in developing drugs that regulate the adrenergic system, today announced that Sciele has agreed to acquire Addrenex. The acquisition is in the form of cash, payable at closing. The total value of the deal is approximately $29 million to acquire the outstanding shares of Addrenex, excluding those previously owned by Sciele.
Sciele previously licensed three products from Addrenex – Clonicel for attention deficit hyperactivity disorder (ADHD), and Jenloga XR (once-daily clonidine) for hypertension. The New Drug Application (NDA) for Clonicel was filed with the U.S. Food and Drug Administration (FDA) in October 2009. In addition, Sciele licensed rights to ADX-415 for the treatment of vasomotor systems and hypertension.
The acquisition of Addrenex will provide Sciele with two additional mid-stage development products and access to a large library of compounds in numerous therapeutic areas, including pain management, cardiovascular, and dermatology.
Patrick Fourteau, President and Chief Executive Officer of Sciele Pharma, said, “We are pleased to announce the acquisition of Addrenex, a company with which we established a partnership more than two years ago. Addrenex has an exciting development platform and several compounds that have the potential to further expand and diversify our product portfolio.”
Moise Khayrallah, PhD, Chief Executive Officer of Addrenex Pharmaceuticals, said, “Sciele Pharma has been a valuable partner and catalyst for the success of Addrenex. The partnership has enabled our team to expand the development pipeline and now gives Sciele access to a large portfolio of products that offer tremendous promise for patients and their families.”
Shionogi and Sciele are committed to providing products and investing in research and development in target therapeutic areas including cardiovascular that will benefit patients in Japan and in the U.S.
Paul, Hastings, Janofsky & Walker served as Sciele’s legal counsel and Hutchison Law Group and Leerink Swann LLC served as Addrenex’s advisors.
Overview of the Addrenex Pharmaceuticals, Inc.:
|Company Name:||Addrenex Pharmaceuticals, Inc.|
|Business:||A specialty pharmaceutical company|
|Therapeutic Focus:||Diseases and disorders affected by the adrenergic system - hypertension, ADHD, vasomotor symptoms, etc.|
|Representative:||Moise A Khayrallah, CEO|
|Head Office:||Durham, North Carolina, USA|
|Net Revenue:||$1.7 million USD (full year 2008)|
About Addrenex Pharmaceuticals, Inc.
Addrenex Pharmaceuticals is a focused, specialty pharmaceutical company that develops and commercializes drugs to treat adrenergic dysregulation. Addrenex is based in Durham, N.C., on the edge of Research Triangle Park. The company’s mission is to explore the impact that neurotransmitter regulation has on a variety of diseases and disorders. Adrenergic dysregulation is implicated in medical conditions such as hypertension, ADHD, pain, and post-menopausal symptoms. Currently, Addrenex has three products in clinical trials and a library of over 400 compounds available for future development. For more information, visit www.addrenex.com.
About Sciele Pharma, Inc.
Sciele Pharma, Inc., a Shionogi Company, is a pharmaceutical company specializing in sales, marketing and development of branded prescription products focused on the therapeutic areas of Cardiovascular, Diabetes, Women’s Health and Pediatrics. The Company’s Cardiovascular and Diabetes products treat patients with high cholesterol, hypertension, high triglycerides, unstable angina and type 2 diabetes; its Women’s Health products are designed to improve the health and well-being of women and mothers and their babies; and its Pediatrics products treat allergies, asthma, head lice and attention deficit and hyperactivity disorder (ADHD). Founded in 1992 and headquartered in Atlanta, Georgia, Sciele employs approximately 1,000 people. The Company’s success is based on placing the needs of patients first, improving health and quality of life, and implementing its business platform – an Entrepreneurial Spirit, Innovation, Execution Excellence, Simplicity, and Teamwork. For more information on Sciele, please visit www.sciele.com.
On October 9, 2008, Shionogi & Co., Ltd. and Sciele Pharma announced the completion of Shionogi’s acquisition of Sciele. Sciele is now an indirect wholly-owned subsidiary of Shionogi.
About Shionogi & Co., Ltd.
Shionogi & Co., Ltd., headquartered in Osaka, Japan, is a major research-driven pharmaceutical company dedicated to placing the highest value on patients. Shionogi’s Research and Development currently targets three therapeutic areas: Infectious Diseases, Pain, and Metabolic Syndrome. The Company has provided such innovative medicines as Crestor and Doripenem, which have been successfully delivered to millions of people who need them. In addition, Shionogi is engaged in some new research areas such as allergy and cancer. Contributing to the health of patients around the world through development in these therapeutic areas is Shionogi’s primary goal. For more details, please visit www.shionogi.co.jp.
This announcement contains forward-looking statements. These statements are based on expectations in light of the information currently available, assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from these statements. Risks and uncertainties include general domestic and international economic conditions such as general industry and market conditions, and changes of interest rate and currency exchange rate. These risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, completion and discontinuation of clinical trials; obtaining regulatory approvals; claims and concerns about product safety and efficacy; technological advances; adverse outcome of important litigation; domestic and foreign healthcare reforms and changes of laws and regulations. Also for existing products, there are manufacturing and marketing risks, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials and entry of competitive products. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.