The FINANCIAL — Luitpold Pharmaceuticals, Inc. a New York based U.S. subsidiary of Daiichi Sankyo Co., Ltd. (Corporate Headquarters: Tokyo, Japan) announced on December 13 that it has signed a binding merger agreement with ROXRO PHARMA, Inc. (Roxro), a privately held U.S. specialty pharmaceutical company, developing products for the treatment of acute pain conditions.
According to Daiichi Sankyo, the financial terms of the acquisition were not disclosed.
In May of 2010, Roxro obtained FDA approval for SPRIX (ketorolac tromethamine) Nasal Spray, for the short‐term (up to 5 days) management of acute moderate to moderately severe pain that requires analgesia at the opioid level. SPRIX is a prescription intranasal formulation of the analgesic ketorolac tromethamine (previously marketed as Toradol by Roche Laboratories), a non‐steroidal anti‐inflammatory drug (NSAID). SPRIX is designed to provide ambulatory patients with a convenient, potent, and fast‐acting option for acute moderate to moderately severe pain relief.
Mary Jane Helenek, president and CEO of Luitpold said, “We are pleased to be able to provide healthcare professionals with an important new non-narcotic analgesic to treat acute pain in ambulatory patients. We believe that SPRIX® will be highly complimentary to Luitpold’s existing product line and our continuing strategy to diversify our product portfolio and further grow our U.S. pharmaceutical business.”
“We are delighted that Luitpold will be marketing SPRIX”, said Roberto Rosenkranz, chairman and CEO of Roxro Pharma, Inc. “We believe that Luitpold has the infrastructure, expertise and capabilities to successfully bring this novel treatment to patients with moderate to moderately severe acute pain.”
Luitpold’s legal and financial advisers on the transaction were Sheppard Mullin Richter and Hampton LLP and Aquilo Partners, L.P., respectively.
Roxro’s legal and financial advisers were Goodwin Proctor LLP and Lazard, respectively.
Discussion about this post