Reliant acquisition expands GSK cardiovascular portfolio in US
GlaxoSmithKline and Reliant Pharmaceuticals Inc have reached an agreement under which Reliant will be acquired by GSK for $1.65 bn (
GlaxoSmithKline and Reliant Pharmaceuticals Inc have reached an agreement under which Reliant will be acquired by GSK for $1.65 bn (£800 m) in cash.
Reliant, a privately held specialty pharmaceutical company focused on cardiovascular therapies, recorded net sales of $341 m in the nine months ending 30 September 2007, an increase of 62% over the comparable time period a year earlier.
Through its strategic in-licensing and development strategy, Reliant has developed a portfolio of specialty medicines combating heart disease, including US rights to Lovaza (omega-3-acid ethyl esters), a treatment for adult patients with very high levels of triglycerides. Lovaza is indicated as an adjunct to diet to reduce triglyceride levels in adults with very high (>500 mg/dL) triglyceride levels.
Launched in late 2005, Lovaza (formerly known as Omacor achieved rapid uptake among patients and healthcare professionals. In the nine months ending 30 September 2007, net sales were $206 m, an increase of 115% over the first nine months of 2006.
Reliant licensed the rights to Lovaza in the USand Puerto Ricofrom Pronova BioPharma ASA (Oslo: PRON), a publicly traded Norwegian company that will continue to supply the product's primary material. Rights to Lovaza in other markets have been licensed by Pronova to several other companies.
Commenting on the acquisition agreement, Chris Viehbacher, President, US Pharmaceuticals, GSK, said, The addition of Lovaza to the GSK portfolio adds a new driver of sales growth in the US business.
The acquisition is subject to approval by the US Federal Trade Commission and is expected to conclude before year-end.
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