Sepracor to acquire Oryx Pharma

Under the terms of the agreement, Oryx’s shareholders will receive $50 million and may become entitled to receive subsequent payments up to $20 million upon accomplishment of various regulatory milestones. The transaction is expected to close on June 1, 2008, subject to customary closing conditions.

Adrian Adams, president and CEO of Sepracor, said: “The acquisition of Oryx fulfills a long-standing corporate objective of developing a commercial footprint in the strategically important Canadian 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 Sepracor’s current and future product opportunities in this market in addition to the Oryx portfolio.”