By Lisa Kerner
Charlotte, N.C., Dec. 17 - Otsuka Pharmaceutical Co., Ltd. will acquire the rights to IV Busulfex (busulfan), including trademarks, patents, intellectual property and related assets, from PDL BioPharma, Inc. for $200 million in cash.
IV Busulfex is an oncologic product marketed and sold by PDL BioPharma in the United States and Canada as part of a conditioning regimen undergone by chronic myelogenous leukemia patients prior to the receipt of a bone marrow transplant. The drug, approved by the Food and Drug Administration in 1999, is also sold in other countries through distributors.
Otsuka America Pharmaceutical, Inc. will market the product for its current indication in the United States.
The transaction has been approved by both companies' boards of directors and is expected to close in the first quarter of 2008.
"The acquisition of IV Busulfex, a first-in-class drug therapy for conditioning prior to allogeneic hematopoietic progenitor cell transplantation, and the oncology expertise of PDL accelerates Otsuka's global oncology business," Otsuka president Tatsuo Higuchi said in a news release.
Montgomery and Co., LLC and Heller Ehrman LLP advised Otsuka. PDL BioPharma was advised by Merrill Lynch & Co. and DLA Piper.
PDL BioPharma is continuing its previously announced strategic process that includes "working to maximize the value of its royalty stream, commercial products and antibody discovery, development and manufacturing assets," according to the release.
Otsuka is a Tokyo-based health care company.
PDL BioPharma is a Princeton, N.J., biopharmaceutical company.
| Acquirer: | Otsuka Pharmaceutical Co., Ltd.
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| Target: | PDL BioPharma, Inc.'s IV Busulfex (busulfan)
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| Announcement date: | Dec. 17
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| Transaction total: | $200 million
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| Expected closing: | First quarter of 2008
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