Clinigen Group plc ('Clinigen' or the 'Group') (LSE: CLIN) (AIM: CLIN) today announced the acquisition of Cardioxane® (dexrazoxane) from Novartis for US$33 million in cash, payable in two tranches. Under the terms of the agreement, Clinigen will assume responsibility for manufacturing, registration, distribution, and commercialization of the product in countries where current marketing authorizations exist, including key European, Asian and Latin American territories.
“Acquiring Cardioxane from Novartis is another major step forward for us”
Cardioxane, an oncology support therapy, is a cardioprotective agent used to prevent the cardiotoxicity of anthracycline chemotherapy for patients with advanced and/or metastatic breast cancer.
Clinigen believes there is an opportunity to revitalize Cardioxane, which has no direct licensed competition in the anthracycline therapy cardioprotection space, by utilizing new commercialization, market and indication strategies over the next five years. Historic revenues for Cardioxane have been c.US$11-12 million per annum. Latin America is a strong market for Cardioxane which is of particular interest to Clinigen, being a territory in which the Group wishes to expand its reach and which may 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 leukemia 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 commercialization in the EU from Theravance. All three are highly specialized, 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.
"Acquiring Cardioxane from Novartis is another major step forward for us," said Peter George, Chief Executive Officer of Clinigen. "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."