Biotech Clinigen strengthens emerging markets presence with £22m deal
STAFFORDSHIRE biotech Clinigen Group has strengthened its presence in key European, Latin American and Asian markets with the £21.7m ($33m) acquisition of an oncology support therapy.
The acquisition of Cardioxane® from Novartis is a cash deal, payable in two tranches.
Under the terms of the agreement, Burton-upon-Trent-based Clinigen will assume responsibility for manufacturing, registration, distribution, and commercialisation of the product in countries where current marketing authorisations exist.
Cardioxane is a cardioprotective agent used to prevent the cardiotoxicity of anthracycline chemotherapy for patients with advanced metastatic breast cancer.
Clinigen said it believed there was an opportunity to revitalise Cardioxane, which has no direct licensed competition in the anthracycline therapy cardioprotection sector, by utilising new marketing strategies over the next five years. Historic revenues for Cardioxane have been around £7.2m to £7.9m ($11m-12m) per annum.
Latin America is considered a strong market for Cardioxane and this suits Clinigen, which is keen to extend its presence in the territory. The penetration may also improve access routes for existing portfolio products such as Foscavir®, as well as products that Clinigen may acquire in the future.
Cardioxane is the third addition to Clinigen’s Specialty Pharmaceuticals (SP) business complementing Foscavir, its anti-viral active against Cytomegalovirus (CMV) and commonly used in the support of leukaemia patients undergoing bone marrow transplants, acquired from AstraZeneca in March 2010.
Recently, the group in-licensed VIBATIV®, an anti-bacterial for the treatment of nosocomial pneumonia caused by MRSA, for commercialisation in the EU from Theravance. All three are highly specialised, hospital-only drugs which Clinigen SP supplies into licensed markets and Clinigen Global Access Programs (GAP) supplies into pre- or unlicensed markets on a named patient basis.
Peter George, Clinigen CEO, said: “Acquiring Cardioxane from Novartis is another major step forward for us. Cardioxane fits particularly well within our portfolio. We have been looking for medicines that complement Foscavir and Cardioxane does this by extending our role in oncology support.
“Together with our recent addition of VIBATIV, which further builds on our anti-infective capability, we are delivering on our mission to supply the right drug to the right patient at the right time.”
