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news.Otsuka Pharmaceutical has entered into a definitive agreement with PDL BioPharma to acquire from PDL the rights to IV Busulfex, including trademarks, patents, intellectual property and related assets, for $200 million, to be paid in cash at closing.
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This transaction follows PDL’s earlier announced decision to actively pursue the sale of its key assets and is expected to close in the first quarter of 2008.
Following the close of the transaction, Otsuka Pharmaceutical (OPC) will oversee the outsourced manufacturing of the product, while its US affiliate, Otsuka Pharmaceutical Development & Commercialization, will initiate clinical studies to investigate potential new indications for IV Busulfex. Another OPC affiliate, Otsuka America Pharmaceutical, will market the product for its current indication in the US.
IV Busulfex was approved by the FDA in 1999 for use in combination with cyclophosphamide as a conditioning regimen prior to allogeneic hematopoietic progenitor cell transplantation (also referred to as blood or bone marrow transplantation) for chronic myelogenous leukemia.
Patrick Gage, PDL’s interim CEO, said: “We’re pleased to enter into this agreement with Otsuka, which builds on the successful efforts of PDL’s commercial team and enables this important product to continue to benefit patients worldwide. This transaction is a first step to deliver on our strategic goal to maximize value for our stockholders through our ongoing strategic process.”