Biovail acquires Prestwick in $100 million deal
TORONTO Canadian drug maker Biovail announced that it has bought Prestwick Pharmaceuticals, a privately owned American drug company, for $100 million, in United States currency.
Prestwick owns the right to market the Huntington’s disease drug Xenazine (tetrabenazine) in the U.S. and Canada. The drug treats chorea, a condition associated with the disease. The Food and Drug Administration approved the drug recently, and Prestwick will being marketing it later this year.
“The transaction meets all of our acquisition criteria and represents Biovail’s first commercial exposure to specialty markets in central nervous system disorders,” Biovail chief executive officer Bill Wells said in a statement. “The acquisition is another important step in the implementation of our new strategic focus.”
Care Pharmacies joins NCPA
ALEXANDRIA, Va. Care Pharmacies on Wednesday announced that the franchise network of more than 50 independent pharmacies joined the National Community Pharmacists Association.
“As an advocate for our cause, NCPA is one of our biggest allies, and as they support us, we should support them,” stated Care chief executive officer Gerry Crocker.
Care and NCPA has shared office space since February, when the franchisor relocated its offices to the NCPA headquarter building as part of its planned expansion efforts.
Bayer to acquire Direvo Biotech for $300 million
NEW YORK Bayer has announced that it will buy a German biotech company for almost $300 million.
Bayer said in a statement that the deal to buy Direvo Biotech would likely be done at the end of the month.
The acquisition will help Bayer’s efforts to develop biologic drugs, including antibodies.