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news.Oceana Therapeutics has signed a definitive agreement, as per which its operating subsidiary will be acquired by Salix Pharmaceuticals for $300m.
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The transaction is expected to close by the end of 2011, subject to routine closing conditions, including Hart-Scott-Rodino antitrust approval.
Oceana Business Development executive vice president Gregory Stokes said the sale is expected to benefit the physicians and patients by the integration of Oceana’s commercial assets, Deflux and Solesta, with Salix’s gastroenterology treatments.
The US Food and Drug Administration (FDA) approved and CE marked Deflux is intended for the treatment of vesicoureteral reflux, an anatomical bladder defect afflicting children.