Esprit

Allergan injects $370M into Esprit buyout

Wed, 19 Sep 2007 06:59:55 -0400

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 on the buyout

Related Articles:
Allergan buying Groupe Corneal. Report
Depomed demands $105M from Esprit Pharma. Report
Esprit adds $91M in VC. Report

Press Release: Depomed Reaquires Rights to ProQuin XR

Maureen Martino — Thu, 05 Jul 2007 10:49:57 -0400

Depomed Reaquires Rights to ProQuin XR

MENLO PARK, Calif. -- Depomed, Inc. announced today it has ended the license agreement and the related supply and co-promotion agreements with Esprit Pharma for ProQuin® XR, the extended release formulation of ciprofloxacin hydrochloride for the treatment of uncomplicated urinary tract infections.

Pursuant to the termination agreement, Esprit has paid Depomed $17,500,000. Esprit will also return the ownership of the Proquin NDA to Depomed along with all promotional materials. In addition, the parties have agreed to a detailed transition plan with specific activities and timelines related to the transition of the product from Esprit to Depomed. Depomed will leverage the commercial distribution network it has established for Glumetza to book sales and distribute Proquin in the US.

"We are happy to have ProQuin back," said John W. Fara, Ph.D., chairman, president and chief executive officer of Depomed. "We believe ProQuin will be a success, and we are continuing our discussions with potential new partners. We worked closely with Esprit to unwind the ProQuin agreements in a manner that assures our ability to continue commercializing ProQuin and appreciate their efforts in reaching this amicable agreement."

About ProQuin® XR

ProQuin XR is a once-daily extended-release formulation of ciprofloxacin hydrochloride and is indicated to treat uncomplicated urinary tract infections (UTIs). UTIs are bacterial infections frequently caused by E. coli and are typically treated with antibiotics. Patients should not take Proquin XR if they are allergic to, or have ever had a severe reaction to, ciprofloxacin or to any other "quinolone" antibiotics. ProQuin XR is generally well tolerated. The most common side effects with ProQuin XR include vaginal yeast infection and headache.

About Depomed

Depomed, Inc., is a specialty pharmaceutical company with two approved products on the market and multiple product candidates in its pipeline. The company utilizes its proven, proprietary AcuForm(TM) drug delivery technology to improve existing oral medications, allowing for extended, controlled release of medications to the upper gastrointestinal tract. Benefits of AcuForm-enhanced pharmaceuticals include the convenience of once-daily administration, improved treatment tolerability and enhanced compliance and efficacy. Glumetza(TM) (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is being marketed in the United States by King Pharmaceuticals and in Canada by Biovail Corporation. ProQuin® XR (ciprofloxacin hydrochloride) extended release tablets are approved in the United States for the once-daily treatment of uncomplicated urinary tract infections. Product candidate Gabapentin GR(TM) is currently in Phase 3 and Phase 2 clinical development for the treatment of two pain indications, postherpetic neuralgia and diabetic peripheral neuropathy, respectively. A Phase 2 clinical trial of Gabapentin GR in menopausal hot flashes is also underway. Additional information about Depomed may be found on its web site, www.depomedinc.com.

"Safe Harbor" Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. The inclusion of forward-looking statements, including those related to the transition of ProQuin XR to Depomed and the commercialization of ProQuin XR, should not be regarded as a representation that any of our plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation, risks and uncertainties related to: our research and development efforts, including pre-clinical and clinical testing; regulation by the FDA and other government agencies; the timing of regulatory applications and product launches; our ability to successfully commercialize our products; the success of our collaborative arrangements with development and commercialization partners; and other risks detailed in our filings with the Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no obligation to revise or update this release to reflect events or circumstances that occur after the date of this release.

ALSO NOTED: Esprit hands over drug; Diatos gins $12.8M; Swans dead of avian flu; and much more...

Thu, 05 Jul 2007 00:01:30 -0400

> Esprit Pharma has agreed to pay $15 million and return ownership of a urinary tract infection drug to Depomed. Report

> France's Diatos has raised $12.8 million in its fourth round of venture capital. Report

> There's new evidence to support the theory that the enzyme protein kinase G offers a promising target in the fight against tuberculosis. Report

And Finally…Three swans found dead in eastern France have tested positive for the H5N1 strain. Report

Press Release: Kiadis Pharma Raises Euro 15 Million to Advance Oncology Pipeline

Maureen Martino — Tue, 26 Jun 2007 10:30:39 -0400

Kiadis Pharma Raises Euro 15 Million to Advance Oncology Pipeline

AMSTERDAM, June 26 - Oncology product development company Kiadis Pharma announced today that it has completed a Euro 15 million private financing round. Alta Partners, a prominent life science venture capital company based in San Francisco, led the financing round. Other major new investors include Quest for Growth and MedSciences Capital. All of the major existing investors also contributed to this round, including founding investor Life Sciences Partners, Esprit Capital Partners LLP and N.V. NOM (Investment and Development Agency for the Northern Netherlands).

The Kiadis Pharma product pipeline is focused on providing novel treatments for significant unmet medical needs in the field of bone marrow transplants and the treatment of aggressive cancers. The four most advanced products are currently in clinical trials, ranging from Phase I to entering Phase III. Kiadis Pharma's lead product is ATIR, which enables the use of mismatched bone-marrow donors in transplantations for terminally ill blood cancer patients. Kiadis Pharma is a Dutch company with locations in The Netherlands and Canada.

Ekaterina Smirnyagina, of Alta Partners, joining the Supervisory Board of Kiadis, added: "We were impressed by the broad endorsement of Kiadis' clinical programs within the international scientific community. Its lead product, ATIR, is being tested by opinion leaders in the field as a potentially life-saving treatment option for patients unable to find a matched bone-marrow donor, while also preventing graft-versus-host disease (GvHD). We look forward to working with the seasoned management of Kiadis and its investors on building a premier oncology company".

Mark Wegter, Chairman of the Supervisory Board of Kiadis Pharma and General Partner at LSP, commented: "Following the acquisition of Celmed late last year, this is yet again a key milestone that has been achieved by the company and its management. It marks the next step in the further growth of Kiadis Pharma which we feel is positioned to become a major force in the European biotech arena. We are very pleased to see our excitement about the company being shared by other high quality US and European investors."

Manja Bouman, CEO, Kiadis Pharma, stated: "We are delighted by this latest funding round. Our shareholders provide a particularly strong knowledge base with an excellent track record in life sciences. Bringing in Alta Partners as our lead investor is an important external validation. Not only does it confirm the potential of many of our clinical trials, but it also demonstrates the overall confidence of sophisticated investors in our novel treatments."

She added: "Earlier this year we announced the trial of our ATIR product on nine end-stage blood cancer patients who were transplanted in the mismatched setting with the use of ATIR. All patients responded well. This treatment is at a very exciting stage in its development and this trial was an important milestone in our revolutionary approach to providing successful mismatch transplants for end stage blood cancer patients."

About Kiadis Pharma

Kiadis Pharma is an oncology focused pharmaceutical company with four programs in different phases of clinical development. The company develops products that offer new treatment options for terminally ill cancer patients and address significant unmet medical needs. Key areas for Kiadis Pharma are clinical indications in blood cancers and solid tumors. Kiadis Pharma is headquartered in the Netherlands with facilities in Groningen, the Netherlands and Montreal, Canada. For more information about Kiadis Pharma, please visit www.kiadis.com

About Alta Partners

Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm currently manages $2 billion in committed capital through eight venture fund programs. Alta invests in life sciences companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 110 companies in the sector to date. www.altapartners.com

About LSP

LSP (Life Sciences Partners) is a leading independent European-headquartered venture capital firm, providing private equity financing to early- to mid-stage life-science companies. With EUR 400 million under management and offices in Amsterdam, Munich and Boston. For more information about the LSP Group, please visit the website at www.lspvc.com

About MedSciences Capital

MedSciences Capital (www.medsciencescapital.com) is an Amsterdam-based investor in early- to mid-stage medical life sciences companies. MedSciences Capital operates as a part of the Dutch merchant bank, Kempen & Co N.V. (www.kempen.nl).

For further information

Kiadis Pharma B.V., Dr. Manja Bouman, CEO, Email: m.bouman@kiadis.com, Telephone: +31 (0)50 547 4270 Alta Partners, Jennifer James, Director of Marketing and Communications, Email: jjames@altapartners.com, Telephone: (415) 362-4022 LSP, Mark Wegter, General partner, Email: mwegter@lspvc.com, Telephone: +31 (0)20 664 5500 MedSciences Capital, Willem van Lawick, MD, MBA, Director, Email: lawick@medsciencescapital.com, Telephone: +31 (0)20 348 8702

Depomed demands $105M from Esprit Pharma

Sun, 17 Dec 2006 19:01:36 -0500

Depomed is demanding more than $105 million from Esprit Pharma to satisfy claims that Esprit violated their licensing deal on ProQuin XR for urinary tract infections. Depomed says Esprit failed to make a $10 million milestone payment due December 15, among other things. Depomed of Menlo Park, CA is also demanding binding arbitration to settle its claims.

- see the release on the damages claim

Related Article:
Esprit adds $91M in VC. Report

Press Release: Depomed Delivers Notice of Breach and Demand for Arbitration to Esprit Pharma

Maureen Martino — Sun, 17 Dec 2006 12:20:01 -0500

Depomed Delivers Notice of Breach and Demand for Arbitration to Esprit Pharma

MENLO PARK, Calif. -- Dec 18, 2006 - Depomed, Inc. today announced that it has delivered a notice to Esprit Pharma, Inc. regarding Esprit's breaches of the parties' Exclusive License and Marketing Agreement for ProQuin(R) XR, a once-daily extended release formulation of ciprofloxacin for the treatment of uncomplicated urinary tract infections. The breaches involve, among other matters, Esprit's failure to make the $10 million license fee payment due to Depomed under the contract on December 15, 2006, and to use commercially reasonable efforts to market ProQuin XR.

As the license agreement provides for arbitration of disputes under the contract, Depomed has also filed a demand for binding arbitration related to Esprit's breaches of the contract. The demand seeks in excess of $105 million in damages, which includes all license payments, minimum royalty payments, and expected additional royalty payments due through the life of the patents licensed under the contract.

About Depomed, Inc.

Depomed, Inc. is a specialty pharmaceutical company utilizing its innovative AcuForm(TM) drug delivery technology to develop novel oral products and improved, extended release formulations of existing oral drugs. AcuForm-based products are designed to provide once daily administration and reduced side effects, improving patient convenience, compliance and pharmacokinetic profiles. ProQuin(R) XR (ciprofloxacin hydrochloride) extended-release tablets have been approved by the FDA for the once daily treatment of uncomplicated urinary tract infections and are currently being marketed in the United States. In addition, once daily Glumetza(TM) (metformin hydrochloride extended release tablets) has been approved for use in adults with type 2 diabetes and is currently being marketed in the United States and Canada. The company is conducting a Phase III trial in postherpetic neuralgia and has completed a Phase II trial in diabetic peripheral neuropathy with its product candidate, Gabapentin GR(TM). Additional information about Depomed may be found at its web site, www.depomedinc.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, those related to our relationships and disputes with collaborative partners; expectations regarding commercialization of our products; our research and development efforts, including pre-clinical and clinical testing; regulation by the FDA and other government agencies; the timing of regulatory applications and product launches; and other risks detailed in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

ALSO NOTED: Ariad selling shares; Indevus gains milestone; Barr closing on Pliva; and much more...

Thu, 19 Oct 2006 20:01:30 -0400

> Ariad Pharmaceuticals is selling 3.1 million shares in a public offering. Report

> Indevus Pharmaceuticals has received a $10 million milestone payment from Esprit Pharma, the company's partner in the U.S. for Sanctura and and Sanctura XR. Release

> Barr Pharmaceuticals has now acquired 92 percent of Pliva's shares, putting it on track to close the takeover next month. Report

> Dutch biotech AM-Pharma is touting positive results for its pilot study in treating sepsis with its Alkaline Phosphatase drug. Release

And Finally… Scientists helped add 30 years to the average life span over the past century. Now they're focusing on adding vitality to a longer life. Report

VC: Espirit Pharma lands $91M in VC

Wed, 09 Aug 2006 20:01:32 -0400

Espirit Pharma lands $91M in VC

VENTURE CAPITAL
COMPANY	AMOUNT/ROUND	LEAD INVESTORS	DESCRIPTION
Esprit Pharma East Brunswick, NJ & San Francisco	$91M Second	New Enterprise Associates, Apax Partners, Domain Associates, Montagu Newhall Global Partners and Oak Investment Partners	Esprit is focused on urology and women's health care specialty markets.
ESBATech Switzerland	$41M Second	SV Life Sciences, Clarus Ventures, HBM BioVentures and HBM BioCapital all participated with existing investors such as Novartis Venture Fund, BioMedinvest and VI Partners	The company has been building a human antibody fragment platform.
Acceleron Troy, Michigan	$30M Second	OrbiMed Advisors	Acceleron's lead candidate is ACE-011, an experimental therapy for bone loss that is now in early-stage clinical trials.
Cabrellis Pharmaceuticals San Diego, CA	$27.5M First	Domain Associates, Forward Ventures, Lilly Ventures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners, and S.R. One, Limited	Cabrellis will use the money to advance its oncology candidates, in particular Calsed, its third-generation anthracycline currently in Phase II.
Biodel Danbury, CT	$21M Second	Great Point Partners, OrbiMed Advisors, and Vivo Ventures	Biodel develops drug delivery technologies.
Transport Pharmaceuticals Philadelphia and Framingham, MA	$12.6M Fourth	Quaker BioVentures	Transport develops new therapies for dermatological conditions.

VC: Esprit adds $91M, ESBATech gains $41M

Tue, 01 Aug 2006 20:01:37 -0400

Esprit Pharma has rounded up almost $91 million in its second round of venture capital. Firms participating in the Series B round included existing investors New Enterprise Associates, Apax Partners, Domain Associates and Montagu Newhall Global Partners plus new investors Oak Investment Partners and clients advised by Performance Equity Management. "While it's been just over a year since we began operations, Esprit has experienced strong growth," said John T. Spitznagel, Esprit's chairman and CEO. "In this relatively short period of time, we have applied our Buy and Build, Search and Develop strategy to acquiring four approved products, building a commercial organization including more than 200 sales and marketing professionals, and recently acquiring our first pipeline product."

- take a look at the release on the round

ALSO: Switzerland's ESBATech has raised $41 million from a consortium of U.S. and European investors in its second round of venture capital. SV Life Sciences, Clarus Ventures, HBM BioVentures and HBM BioCapital all participated with existing investors such as Novartis Venture Fund, BioMedinvest and VI Partners. The company has been building a human antibody fragment platform. Release

PLUS: Biodel, which develops drug delivery technologies, has raised $21 million in its second round. Release

DEALS: AstraZeneca buys CAT for $1.3B

Wed, 24 May 2006 20:01:32 -0400

AstraZeneca buys CAT for $1.3B

DEALS
WHO	WITH	WHAT	SCOOP
AstraZeneca	CAT	$1.3B buyout	AstraZeneca is buying out Cambridge Antibody Technology for $1.3 billion. The deal adds new antibody therapies to AZ's pipeline.
Quest Diagnostics	Focus Diagnostics	$185M buyout	Quest has agreed to buy Focus for $185M. Focus provides genetic testing along with a host of tests for infectious diseases.
Dishman Pharmaceuticals	Solutia	$74.5M buyout	India's Dishman Pharmaceuticals has inked a deal to buy Solutia's pharmaceutical services division for $74.5M.
Avanir Pharmaceuticals	Alamo Pharmaceuticals	$69M buyout	Avanir Pharmaceuticals has agreed to buy Alamo Pharmaceuticals for $29M up front and another $40M in scheduled sales milestones.
Diatos	Gilead	$4.7M licensing deal	French biotech Diatos has in-licensed the cancer drug DaunoXome from Gilead Sciences and plans to file for European approval to use the drug for acute myeloid leukemia.
Roche	Entelos	Collaboration	The companies have announced a two year collaboration in metabolic disease research. Roche will provide R&D funding and milestone payments.
Esprit Pharma	Novavax	Collaboration	Esprit Pharma has inked a deal to collaborate with Novavax on the development of a mid-stage testosterone therapy for women with sexual dysfunction.
Pharmacopeia	Cephalon	$15M development deal	Pharmacopeia has launched a drug discovery partnership with Cephalon for an up-front fee of $15M. Cephalon will identify compounds and both companies will work together to develop them.
TPG-Axon Capital	Quintiles	Development deal	Hedge fund TPG-Axon Capital has inked a deal to work with Quintiles to develop new drugs. TPG-Axon Capital will help fund drug development work through the CRO's subsidiary, NovaQuest.
China Biopharmaceuticals	RACP Pharmaceutical Holdings	Purchase	China Biopharmaceuticals has reached a deal to purchase all of the shares in RACP Pharmaceutical Holdings and its wholly owned subsidiaries, including Shenyang Enshi Pharmaceutical.

C&L: Kuppers takes over at Pieris Proteolab

Tue, 16 May 2006 20:01:32 -0400

Germany's Pieris Proteolab has appointed Evert Kuppers as CEO. Kuppers joins Pieris from IDEA, where he was vice president and head of business development.

NPS Pharmaceuticals has appointed its COO and president, Tony Coles, as its CRO. Coles succeeds Hunter Jackson, who stepped down as the company's chairman and CEO.

Rosetta Genomics announced that Amir Avniel has been named president and CEO of the company.

Celldex Therapeutics has named Robert Forbes Burns, PhD, as CEO.

Cobalis Corp. has named Gerald J. Yakatan, Ph.D., as CEO.

Advanced Viral Research has appointed Stephen M. Elliston as the company's president, CEO and member of the board of directors.

Baxter International has named John J. Greisch to the newly created role of corporate vice president and president, international. Robert M. Davis, currently the company's treasurer, succeeds Greisch as corporate vice president and CFO.

PDI has appointed Jeffrey Smith as its executive vice president, CFO and treasurer.

Axcan Pharma has named Alexandre LeBeaut senior vice president and chief scientific officer. LeBeaut will replace Francois Martin.

Acceleron Pharma has appointed Matthew L. Sherman, M.D. as senior vice president and chief medical officer.

Seattle Genetics has named Pamela A. Trail, Ph.D. as its chief scientific officer.

Panacos Pharmaceuticals has named Frederick Schmid, DVM, MBA, senior vice president, commercial operations and business development.

Genitope Corporation has named Mary Rybak, M.D., as the company's vice president of medical affairs.

Biopure Corporation named A. Gerson Greenburg, M.D., Ph.D. as vice president of medical affairs.

Inyx has hired David Zinn, CPA, as vice president, finance.

Esprit Pharma announced that it has appointed Glenn M. Esgro vice president of trade.

Novavax has named Dr. Jinyou Zhang as senior director of bioprocess R & D. Dr. Niranjan Kumar has been named senior director of commercial manufacturing.

Somaxon Pharmaceuticals has appointed Matthew W. Onaitis as vice president of legal affairs.

Genentech announced two vice president appointments: Michael P. Miller to vice president, sales and marketing, HER Family; and David Schenkein, M.D., to vice president, clinical hematology/oncology.

Novo Nordisk has appointed Pamela Harris, vice president of diabetes sales, managed care and government accounts south/west and Patrick Loustau, vice president of diabetes sales, managed care and government accounts north/midwest.

BrainStorm Cell Therapeutics has engaged Dr. Holly G. Atkinson as contract director of business development.

GlobeImmune has hired Jeffrey Rona as chief business officer.

IBEX Technologies has elected Robert Heft, PhD as director.

Merrimack Pharmaceuticals has added Sarah E. Nash and Steven C. Wheelwright, Ph.D., to its board of directors.

Immucor has added Michael S. Goldman to its board of directors.

MediciNova has appointed Arlene M. Morris and Alan W. Dunton to its board.

DEALS: Corgentech, AlgoRx to merge pipelines

Wed, 28 Sep 2005 20:01:32 -0400

Corgentech, AlgoRx to merge pipelines

DEALS
WHO	WITH	WHAT	SCOOP
Corgentech	AlgoRx Pharmaceuticals	Merger/stock swap	The combined company will have four products in its pipeline, including AlgoRx's portfolio of pain management drug candidates.
Celtic Pharma	Neurobological Technologies	Drug acquisition	Celtic gains control of Xerecept, in Phase III for swelling associated with brain tumors.
Clinical Data	Icoria	$12.5 million acquisition	The buyout is being billed as a combination of Icoria's biomarker discovery platform with Clinical Data's molecular diagnostics business model.
Qiagen	Shenzhen PG Biotech	Acquisition	The acquisition will expand Qiagen's position as a provider of molecular diagnostics solutions to OEM partners and customers in Asia.
Pharmagene	Asterand	Stock swap merger	The combination will create an expanded approach to human tissue supply and human tissue based research services.
Daiichi Pharmaceutical	Daiichi Suntory Pharma	Acquisition	The deal gives Daiichi control of a joint venture it created with Suntory as it works to beef up its financial strength.
Esprit Pharma	Metagen Pharmaceuticals	Acquisition	Esprit gains control of PROSED(R) EC, a urinary analgesic/ antispasmodic/antiseptic.

Indevus pockets $10M on launch of late-stage Sanctura trial

Wed, 07 Sep 2005 20:01:35 -0400

Indevus Pharmaceuticals of Lexington, Massachusetts, has launched a Phase III study of Sanctura XR for overactive bladder, triggering a $10 million milestone payment from Esprit Pharma. An NDA for Sanctura is worth another $10 million with a $25 million payoff waiting for federal approval.

- read this report from Mass High Tech for more

Depomed inks $50M licensing deal on Proquin

Wed, 27 Jul 2005 20:01:36 -0400

Esprit Pharma will pay $50 million for US sales and marketing rights to Proquin XR, Depomed's recently approved extended-release treatment for urinary tract infections. In addition to the $50 million licensing fee--including a $30 million upfront payment--Esprit will pay 15 percent to 25 percent royalties on net sales. Esprit also has right of refusal for marketing rights in Canada.

- read this release for more