Healthcare Industry News: Elan Corp
News Release - July 10, 2009
Sciele Pharma, a Shionogi Company, Terminates Agreement to Acquire Victory Pharma, Inc.ATLANTA--(HSMN NewsFeed)--Sciele Pharma, Inc. (Head Office: Atlanta, Georgia, USA; CEO and Chairman: Patrick P. Fourteau; hereafter Sciele ), a U.S.-based group company of Shionogi & Co., Ltd. (Head Office: Osaka; President: Isao Teshirogi; hereafter Shionogi ) and Victory Pharma, Inc. (Head Office: San Diego, California, USA; President and CEO: Matt Heck; hereafter Victory ), today announced that Sciele and Victory Pharma, Inc. have mutually agreed to terminate their previously announced merger agreement due to the occurrence of an unforeseen development that occurred after the agreement was signed.
The termination of this merger agreement between Sciele and Victory will have a minimal impact on Shionogi, and it is expected to have a small impact on Sciele’s 2009 revenue and earnings guidance. Sciele will continue to focus on its growth and diversification strategy, which the company initiated three years ago. Sciele has completed 10 transactions since 2007. An important part of Sciele’s growth strategy is to license and acquire products in addition to launching new products from its development pipeline.
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 and attention deficit and hyperactivity disorder (ADHD). Founded in 1992 and headquartered in Atlanta, Georgia, Sciele employs more than 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.
About Victory Pharma, Inc.
Founded in 2004, Victory Pharma, Inc. is a privately-held specialty pharmaceutical company headquartered in San Diego, California that is focused on acquiring, developing and marketing products to treat pain and related conditions. Victory markets its lead product, NAPRELAN® (naproxen sodium) Controlled-Release Tablets and other pain products to pain management specialists, rheumatologists, orthopedic surgeons and selected primary care physicians through its physician office-based field sales force. Further information regarding Victory Pharma is available at www.victorypharma.com.
NAPRELAN® is a trademark of Elan Corporation, plc.
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.
Source: Sciele Pharma
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