GSK makes $1.65 billion purchase of Reliant
PHILADELPHIA and LIBERTY CORNER, N.J. GlaxoSmithKline has bought Reliant Pharmaceuticals for $1.65 billion in cash, according to the Philadelphia Business Journal.
Reliant is a specialty company that focuses on cardiovascular therapies. GlaxoSmithKline will now be able to add Lovaza, which is the only prescription omega-3 medicine approved by the Food and Drug Administration for the treatment of very high triglycerides. The drug brought in net sales of $206 million in the nine months ending September 30, 2007.
In addition to Lovaza, Reliant also markets three other in-licensed cardiovascular products – high blood pressure treatments DynaCirc CR and InnoPran XL and abnormal heart rhythm and arrhythmia treatment Rythmol SR.
Reliant recorded net sales of $341 million during the first three quarters of the year, an increase of 62 percent over the comparable time period a year earlier.
Chris Viehbacher, president of U.S. Pharmaceuticals for GlaxoSmithKline, said Lovaza gives the company a new “driver of sales growth” in the United States. He said the drug will complement Coreg CR, GlaxoSmithKline’s heart failure and hypertension treatment, and add to the company’s “growing profile in the cardiovascular disease area.”
As a result of the acquisition, biotechnology company Alkermes is to receive $174 million for its stake in Reliant, which it will use to repurchase shares of common stock. The acquisition is still subject to approval by the Federal Trade Commission and is expected to conclude before the end of the year.
Gene Logic receives milestone payment from Pfizer for drug repositioning
GAITHERSBURG, Md. Gene Logic has reached a collaboration milestone, triggered by the filing of a patent application for a new use of an existing Pfizer drug candidate to treat solid tumors. Gene Logic’s Drug Repositioning Division discovered the new use for the unapproved drug candidate.
Under its drug repositioning agreement with Pfizer, Gene Logic has been seeking new therapeutic applications for selected drug candidates that are no longer in active development. The terms of the agreement provide for payment by Pfizer to Gene Logic of success-based milestones per compound and royalties on the commercialization of drugs whose repositioning results from Gene Logic’s Drug Repositioning Program. Gene Logic will receive a small initial milestone payment as a result of the filing of the patent application.
“We are pleased to see our Drug Repositioning Program yielding potentially valuable intellectual property for Pfizer. Our goal is to apply our drug repositioning capabilities to complement our partners’ internal pipeline development efforts,” Charles L. Dimmler, III, Gene Logic’s chief executive officer and president, said. “By finding new indications for de-prioritized, clinical stage drug candidates, our partners have another route to build value in their pipeline. We consider the filing of this patent application by Pfizer to be a substantive validation that our systematic approach to drug repositioning is working effectively.”
MedCenter system features monthly, not weekly pill boxes
CINCINNATI With more and more patients forgetting to take their medications daily, technology has been developed to help these patients remember to take their medications each day and on time. The newest product on the market is the MedCenter System, a reminder system that combines a monthly medication organizer with an alarm clock that verbally reminds users to take their pills.
Unlike most weekly pill boxes, the MedCenter system consists of 31 daily date-specific pill boxes with four compartments so that the users can organize pills by daily dose times. Each day, the user visually matches the day of the months’ box with the clock’s large LCD date. At each dosage time, the talking alarm clock will remind the user to take his medication.
Many national retailers are already stocking the new product, ($69.95), including Kroger pharmacies. In addition, it’s available online at www.medcentersytems.com or amazon.com. More product information is available online www.medcentersystems.com.
“As my parents begin to age and their medications increased in number, they needed reminders to make certain that they took them properly,” said the inventor Martin Cooper. “The MedCenter system gives my brothers and me peace of mind that Mom and Dad are taking their medication properly.”