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news.Watson Pharmaceuticals has entered into a $15m loan agreement with Columbia Laboratories to support Columbia's ongoing investment in the clinical development of the pre-term birth indication for Prochieve, as well as other Columbia capital requirements.
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Upon completion of the transaction, Watson intends to immediately commence marketing Crinone and Prochieve for approved indications in the US to reproductive endocrinologists and Ob/Gyns through the existing brand sales network.
Additionally, Watson has confirmed that Columbia Laboratories has filed a definitive proxy with Securities and Exchange Commission (SEC) seeking shareholder approval for the previously announced agreement under which Watson would acquire the US rights to its Crinone and Prochieve product line and 11,200,000 shares of its common stock.
Paul Bisaro, president and CEO of Watson, said: “Filing the proxy represents a significant step towards the closing of our acquisition, which will permit both Watson and Columbia shareholders to begin to realize the value of our proposed partnership.
“Our forgivable loan to Columbia demonstrates Watson’s commitment to supporting the clinical development activities related to Prochieve’s expanded pre-term birth indication and to our collaboration with Columbia. If Columbia and Watson are successful in receiving FDA approval for a new pre-term birth indication, we will have the opportunity to address a significant and unmet medical need.”