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news.Hologic has entered into a definitive agreement to sell full US and worldwide rights to Gestiva to KV Pharmaceutical Company upon approval of the pending Gestiva new drug application by the FDA. Gestiva, if approved by the FDA, could be used in the prevention of preterm birth in pregnant women with a history of at least one spontaneous preterm birth.
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The purchase price to be paid to Hologic as a result of the transaction is $82 million in cash, $7.5 million of which is payable at the closing of the transaction and the balance of which is payable upon final approval by the FDA of the Gestiva new drug application and the production of a quantity of Gestiva suitable to enable the commercial launch of the product. The closing of the transaction is expected to occur within the next one month after the satisfaction of customary closing conditions.
Jack Cumming, CEO of Hologic, said: “We are pleased to complete this transaction to sell the Gestiva product line to KV Pharmaceutical. We believe women worldwide will better realize the benefits of Gestiva coming from a dedicated pharmaceutical firm. This will also allow Hologic to remain focused in our primary fields of medical devices and cancer diagnostics for women.”