GREENVILLE, N.C.--(BUSINESS WIRE)--Mayne Pharma (ASX: MYX) is pleased to announce it has acquired a portfolio of on-market dermatology Foam Assets from GSK for US$50.1 million. The Foam Assets include US rights to Fabior and Sorilux, Canadian rights to Luxiq® and Olux-E® and Mexican rights to betamethasone foam. Under the terms of the agreement Mayne Pharma will acquire the approved regulatory filings, trademarks, marketing materials, select product inventory, related medical and technical data and will acquire or obtain licenses for related patents.
Fabior (tazarotene) Foam, 0.1% is a patent-protected topical product indicated for the treatment of acne, the largest dermatology indication in the US affecting up to 50 million Americans every year1. Sorilux (calcipotriene) Foam, 0.005% is a patent-protected topical product indicated for mild to moderate plaque psoriasis affecting up to 6 million Americans each year1.
Both Fabior and Sorilux will be marketed through Mayne Pharma’s Specialty Brands Division and existing sales team. Re-launch for both products is expected in FY17. During the intervening period GSK will continue to distribute Fabior and Sorilux under a transition services arrangement.
The non-US dermatology assets will continue to be distributed by GSK in the short term and Mayne Pharma will seek to out-license these products to new partners.
Rationale for the acquisition
Mayne Pharma’s CEO, Mr Scott Richards said “This acquisition will strengthen Mayne Pharma’s position in the US dermatology market, diversify future branded earnings and create new opportunities for growth. Both Fabior and Sorilux are a strategic fit with the existing Doryx franchise and participate in attractive and growing markets. We believe both products are differentiated assets with compelling clinical data that physicians and patients will appreciate.”
“Mayne Pharma is very attracted to the underlying fundamentals of the US dermatology market. The acquisition will leverage existing commercial infrastructure across functions including sales and marketing, customer service, compliance, medical affairs and contracts administration. We also expect to leverage the new foam capability in future branded and generic product development programs.”
Mayne Pharma expects the products to contribute modest incremental EBITDA in FY17 and have significant potential for growth in future years.
About Mayne Pharma
Mayne Pharma is an ASX-listed specialty pharmaceutical company that develops and manufactures branded and generic products globally - either directly or through distribution partners, while applying its drug delivery expertise for contract development and manufacturing services.
Mayne Pharma has a 30-year track record of innovation and success in developing new oral drug delivery systems and these technologies have been successfully commercialized in numerous products that have been marketed around the world.
Mayne Pharma has two drug development and manufacturing facilities based in Salisbury, Australia and Greenville, NC, USA with expertise in formulating complex oral dose forms including highly potent compounds, controlled substances, modified release products and inherently unstable compounds.
1 American Academy of Dermatology