ARDEE, Ireland Drug maker Warner Chilcott will buy the U.S. rights to a treatment for overactive bladder for $400 million, the company said Friday.
The drug maker announced that it would terminate its co-promotion agreement with Novartis concerning the drug Enablex (darifenacin) and purchase the rights to sell it in the United States. It may be required to make additional milestone payments of up to $20 million to Novartis.
“This is an important step in expanding our presence in one of our key therapeutic segments,” Warner Chilcott president and CEO Roger Boissonneault said. “The acquisition of the U.S. rights to Enablex bolsters our franchise in the urology segment, provides us with greater control in promoting the product and demonstrates our ability to successfully add complementary assets to an already strong product portfolio.”
To finance the deal and other corporate expenses, Warner Chilcott also said Friday it would issue bonds worth $500 million.