Endo to acquire Penwest for $168 million
PATTERSON, N.Y. Endo Pharmaceuticals will acquire Penwest Pharmaceuticals for $168 million, Penwest said Monday.
Penwest and Endo had worked together under a partnership to develop and commercialize the painkiller Opana (oxymorphone hydrochloride).
“The board of directors and I concluded that this transaction is in the best interests of Penwest and its shareholders and is an excellent way to maximize the value of Penwest’s most strategic asset, Opana,” Penwest president and CEO Jennifer Good said.
The acquisition, at $5 a share, represents a 47% premium over the 30-day average cost of Penwest shares. Under the agreement, expected to be completed next month, Endo will make a tender offer to acquire 100% of outstanding common stock of Penwest.
Mission launches Uribel
SAN ANTONIO Drug maker Mission Pharmacal has launched a treatment for urinary tract infections.
Mission announced the launch of Uribel (methenamine, sodium phosphate monobasic, phenyl salicylate, methylene blue and hyoscyamine sulfave) capsules, used to relieve local discomfort and inflammation associated with lower urinary tract infections, interstitial cystitis, painful bladder syndrome and urinary tract procedures.
Mission will handle distribution and marketing of Uribel for Star Pharmaceuticals, while an unnamed third party company will manufacture the drug.
“Uribel is an important expansion of our urology and women’s health product portfolio, and we’re excited to be partnering with Star Pharmaceuticals to bring this product to patients,” Mission president of commercial operations Terry Herring said. “Uribel provides three complementary ways to treat uncomfortable urinary tract conditions – an analgesic to relieve pain and burning, an antispasmodic to reduce urinary urgency and antiseptic that inhibits the growth of bacteria.”
Genzyme, Isis announce study results for mipomersen
CAMBRIDGE, Mass. Biotech company Genzyme and Isis Pharmaceuticals have finished late-stage clinical trials of a cholesterol-lowering drug, the two companies said.
Genzyme and Isis announced results of two phase 3 studies of the drug mipomersen in patients who have high cholesterol levels while taking high doses of cholesterol-lowering medications. The studies were conducted in North America, Europe and South Africa.
In one study of patients with severe hypercholesterolemia, mipomersen reduced “bad” LDL cholesterol by 36%, compared with 13% among those taking placebo; in the other study of patients with high cholesterol at high risk of cardiovascular disease, the drug reduced LDL cholesterol by 37%, compared with 5% among those taking placebo.