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news.Antibodies developer Protein Design Labs has entered into a definitive agreement to acquire ESP Pharma, a private, hospital-focused pharmaceutical firm, in a $475 million deal.
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PDL believes the move will help boost the potential value of its ulcerative colitis treatment Nuvion and Roche co-developed organ rejection treatment Zenapax, as well as expanding its areas of focus into cardiovascular indications with ESP’s intravenous anti-hypertensive, Cardene IV.
The boards of directors of PDL and ESP Pharma, and the shareholders of ESP Pharma have approved the acquisition. The closing of the transaction is subject to various conditions, including the receipt of antitrust and other regulatory approvals.
ESP Pharma and PDL have also reached an agreement over a US-marketed product acquisition under negotiation between ESP Pharma and a third party. That transaction has not been finalized and the potential financial and other terms remain confidential at this stage.
ESP Pharma was founded in April 2002 around the acquisition of several therapeutics from Wyeth, including ESP Pharma’s leading product, Cardene IV. The company generated total net product sales in excess of $90 million in 2004, a significant increase over 2003.