Under the terms of the agreement, Oryx’s shareholders received $50 million (approximately 2.5 times projected 2008 sales) and may become entitled to receive subsequent payments up to $20 million upon accomplishment of various Canadian regulatory milestones.
Adrian Adams, president and CEO of Sepracor, said: “We are excited to have closed the Oryx acquisition, which creates a commercial platform for Sepracor in the Canadian specialty pharmaceutical market.
Given the growth in our R&D pipeline and the planned submissions of products such as Lunesta, Brovana and eslicarbazepine for marketing approval in Canada, this acquisition should enable us to fully leverage our current and future product opportunities in this market in addition to the existing Oryx portfolio.”