Healthcare Industry News: Elan
News Release - September 3, 2014
Eisai Sells U.S. Rights to Zonegran(R) (zonisamide) Capsules to Concordia Pharmaceuticals Inc.WOODCLIFF LAKE, N.J., Sept. 3, 2014 -- (Healthcare Sales & Marketing Network) -- Eisai Inc., the U.S. pharmaceutical subsidiary of Eisai Co., Ltd., today announced it has entered into an agreement with Concordia Pharmaceuticals Inc. ("Concordia"), a subsidiary of Concordia Healthcare Corp., to purchase Eisai's U.S. and Puerto Rican commercialization and distribution rights to Zonegran. As part of the deal terms, Eisai will receive full payment from Concordia upon closing. In addition, Eisai and Concordia are expected to enter into a supply agreement under which Eisai will serve as Concordia's supplier of Zonegran for the U.S. and Puerto Rican markets.
"The decision to sell U.S. rights to Zonegran to Concordia is part of our strategy to sharpen Eisai's commercial focus and strengthen our operational effectiveness as we prepare for our upcoming product launches," said Yuji Matsue, Chairman and CEO of Eisai Inc. "We are pleased that Concordia will be taking the lead on commercializing Zonegran in the United States and Puerto Rico moving forward, as this asset complements Concordia's portfolio and may receive additional commercial investment there."
Eisai acquired the exclusive North American and European rights to Zonegran from Elan Corporation in 2004. Elan had previously licensed Zonegran from Sumitomo Dainippon Pharma Co., Ltd. The closing of the transaction is subject to certain regulatory approvals and Sumitomo Dainippon's consent.
About Eisai Inc.
At Eisai Inc., human health care is our goal. We give our first thoughts to patients and their families, and helping to increase the benefits health care provides. As the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co., Ltd., we have a passionate commitment to patient care that is the driving force behind our efforts to help address unmet medical needs. We are a fully integrated pharmaceutical business with discovery, clinical, manufacturing and marketing capabilities. Our key areas of commercial focus include oncology and specialty care. To learn more about Eisai Inc., please visit us at http://www.eisai.com/US.
Eisai Inc. has affiliates that are part of a global product creation organization that includes R&D facilities in Massachusetts, New Jersey, North Carolina and Pennsylvania, as well as a global demand chain organization that includes manufacturing facilities in Maryland and North Carolina.
About Concordia Healthcare Corp.
Concordia Healthcare Corp. is a diverse healthcare company focused on legacy pharmaceutical products, orphan drugs, and medical devices for the diabetic population. Concordia Healthcare Corp.'s pharmaceutical business consists of ADHD-treatment Kapvay® (clonidine extended release tablets), Head Lice Treatment Ulesfia® (benzyl alcohol) Lotion, Asthma-related medication Orapred ODT® (prednisolone sodium phosphate orally disintegrating tablets) and Irritable Bowel Syndrome treatment Donnatal® (belladonna alkaloids, phenobarbital). Concordia Healthcare Corp.'s Specialty Healthcare Distribution (SHD) division, Complete Medical Homecare, distributes medical supplies targeting diabetes and related conditions. Concordia Healthcare Corp.'s orphan drug division, Pinnacle, markets PHOTOFRIN® in the United States.
Concordia Healthcare Corp. operates out of facilities in Oakville, Ontario; Lenexa, Kansas (near Kansas City, Missouri); Chicago, Illinois; Bridgetown, Barbados; and Charlottesville, Virginia.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Concordia Healthcare Corp. and its business, which may include, but is not limited to, statements with respect to the acquisition, the entering into of the supply agreement, the impact of the acquisition on Concordia Healthcare Corp.'s financial performance, the ability of Zonegran to receive additional commercial investment, Concordia Healthcare Corp.'s growth and other factors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of Concordia Healthcare Corp.'s management, and are based on assumptions and subject to risks and uncertainties. Although Concordia Healthcare Corp.'s management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia Healthcare Corp., including risks regarding the pharmaceutical industry, the failure to obtain regulatory approvals, economic factors, market conditions, the equity markets generally, risks associated with growth and competition, risks associated with the acquisition, risks associated with the failure to enter into the supply agreement and many other factors beyond the control of Concordia Healthcare Corp. Although Concordia Healthcare Corp. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Concordia Healthcare Corp. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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