BRIDGEWATER, N.J.—Enzon Pharmaceuticals Inc. announced Nov.9 that it will sell its specialty pharmaceutical business to the Sigma-TauGroup for $300 million plus an additional amount of up to $27 million based onsuccess milestones.
The business unit includes four marketed products: Oncaspar,Adagen, DepoCyt, and Abelcet, as well as the manufacturing facility inIndianapolis, Ind., which will be purchased by a U.S. subsidiary of Sigma-TauPharmaceuticals Inc. Sigma-Tau Pharmaceuticals will distribute the products inthe U.S. market.
Enzon will also receive royalties of 5 to 10 percent onincremental net sales above a 2009 baseline amount from Enzon's four marketedspecialty pharmaceutical products through 2014.
Enzon said that following the sale, it will refocus thecompany on its royalty business, pipeline and technology platforms.
"Sigma-Tau is a great strategic fit for this business, asthey have the presence and expertise to effectively market these products inall geographic areas," said Jeffrey H. Buchalter, Enzon's president and CEO, ina statement.
An Italian-owned pharmaceutical company focusing ondeveloping medicines for rare diseases, Sigma-Tau said the acquisition willexpand its current presence in the U.S. and in new therapeutic areas.
"Sigma-Tau is dedicated to providing novel therapeutics topatients suffering from rare diseases and other unmet medical needs," saidClaudio Cavazza, the company's president, in a statement. "Through theacquisition of Enzon's specialty pharmaceutical business, we will increase ourpresence in the field of rare diseases with products of great value which arethe result of an outstanding research activity. Sigma-Tau is determined tocontinue Enzon's excellent work, especially in the field of rare diseases,which is a particularly stimulating one as it aims at tackling life-threateningconditions, which all too often affect the very young."
Pending shareholder and regulator approval, the transactionis expected to be completed during the first quarter of 2010.
