Santhera Completes Juvantia Acquisition

Santhera, a Swiss specialty pharmaceutical company focused on orphan neuromuscular diseases, has closed the acquisition of Turku, Finland-based Oy Juvantia Pharma.

The closing of the transaction triggers a final upfront payment of $4 million from Biovail Laboratories International, a subsidiary of Biovail Corporation, Santhera’s licensing partner for the further development and marketing of JP-1730/fipamezole to treat Dyskinesia in Parkinson’s Disease in the US and Canada.

Santhera has issued 105,973 previously reserved shares from its authorised share capital to Juvantia investors, as announced when exercising its option to acquire Juvantia on August 17, 2009.

In August 2009, Biovail acquired the US and Canadian rights to develop and commercialize JP1730/fiapmezole for the treatment of levodopa-induced Dyskinesia in Parkinson’s Disease.

Under the terms of the agreement Santhera received a partial upfront payment of $8m and is entitled to up to $180m in development and commercialisation milestones and royalties of 8 to 15% on future net sales.