Healthcare Industry News: Allergan
News Release - February 19, 2008
Graceway Pharmaceuticals, LLC(TM) Announces Completed Acquisition of All Assets Related to Estrasorb(R) Product Line in North America From Allergan, Inc. (NYSE: AGN) and Novavax, Inc. (Nasdaq: NVAX)BRISTOL, Tenn., Feb. 19 (HSMN NewsFeed) -- Graceway Pharmaceuticals, LLC ("Graceway"), a portfolio company of GTCR Golder Rauner, LLC, announced today that it has acquired all of the assets related to Estrasorb® (estradiol topical emulsion) in North America from Novavax, Inc. ("Novavax") (Nasdaq: NVAX ) and Allergan, Inc. ("Allergan") (NYSE: AGN ). Estrasorb is indicated for the treatment of moderate to severe vasomotor symptoms associated with menopause and is available by prescription only.
The agreements between Novavax and Graceway provide for the sale by Novavax of the patent associated with the product, the sale of other intellectual properties (including trademarks, copyrights, know-how and related assets), and the sale of all production and packaging equipment related to Estrasorb. Graceway will license back to Novavax rights to its micellar nanoparticle technology for application in fields unrelated to Estrasorb. The license is free of royalties. Novavax and Graceway have also executed a supply agreement under which Novavax will manufacture additional finished goods of Estrasorb for a limited period.
In a separate but related transaction, Graceway has also purchased from Allergan the New Drug Application for the Estrasorb product, raw material and finished goods inventories, and any tangible and intangible assets related to the product. Simultaneous with the transaction between Novavax and Graceway, Allergan has terminated all of its previously licensed rights to commercialize the product. Following the transaction, Allergan will have no continuing role with the product. All rights to make or have made, develop, commercialize and sell the Estrasorb product in North America are now held by Graceway.
About Graceway Pharmaceuticals, LLC
Graceway Pharmaceuticals, LLC ("Graceway"), headquartered in Bristol, Tennessee, is a pharmaceutical company focused on acquiring, in-licensing, and developing branded prescription pharmaceutical products. Current prescription products marketed by Graceway include Aldara® (imiquimod) Cream 5%, Maxair® Autohaler® (pirbuterol acetate inhalation aerosol), Atopiclair® Nonsteroidal Cream, and Benziq®(benzoyl peroxide). Aldara, Maxair, Autohaler, and Tambocor are trademarks owned by or licensed to Graceway.
About GTCR Golder Rauner, LLC
Founded in 1980, GTCR Golder Rauner, LLC ("GTCR") is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR may be found at www.gtcr.com.
Source: Graceway Pharmaceuticals
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