Allergan is taking some of the money it makes from Botox to buy Esprit Pharma for $370 million in cash. New Jersey-based Esprit makes Sanctura for overactive bladder and is launching Sanctura XR. Allergan says it plans to boost Esprit's sales force, which counts about 160 workers.
Allergan says the buyout makes a lot of sense, as it plans to expand its presence in the genitourinary market. Allergan is conducting early and mid-stage studies of Botox for idiopathic and neurogenic OAB. The company is betting that Sanctura and Sanctura XR can hit up to $400 million in annual sales.
- read the release [1] on the buyout
Related Articles:
Allergan buying Groupe Corneal. Report [2]
Depomed demands $105M from Esprit Pharma. Report [3]
Esprit adds $91M in VC. Report [4]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-allergan-announces-agreement-acquire-esprit-pharma
[2] http://www.fiercebiotech.com/story/also-noted-allergan-buying-groupe-corneal-gsk-agrees-to-pay-63m-settlement-/2006-11-02
[3] http://www.fiercebiotech.com/story/depomed-demands-105m-from-esprit-pharma/2006-12-18
[4] http://www.fiercebiotech.com/story/vc-esprit-adds-91m-esbatech-gains-41m/2006-08-02