Perrigo Divests Preclinical Assets to Imago; Acquires Women’s Healthcare Products from Lumara Health
Perrigo Company plc has transferred a portfolio of preclinical research assets, which it acquired through its December 2013 acquisition of Elan Corporation plc, to the drug-discovery and development company, Imago Pharmaceuticals. Under the agreement, Perrigo will receive an upfront payment in addition to multiple development-related milestone payments and royalties on any future sales derived from the portfolio. Included in this acquisition are intellectual property, drug candidates, and a 500,000 compound central nervous system-focused, diversity-driven small-molecule library.
Imago Pharmaceuticals, Inc. is a pharmaceutical company developing novel therapies for neurodegenerative, inflammatory and autoimmune diseases, specifically focused on development of small molecules for treating and preventing these disorders.
In a separate move, Perrigo signed a definitive agreement to acquire a portfolio of women’s healthcare products from Lumara Health, Inc., a privately held, Chesterfield, Missouri-based specialty pharmaceutical company, for $82 million in cash. The acquired portfolio generated more than $15 million in net revenues during the twelve months ended March 31, 2014. Additional terms of the transaction were not disclosed.
Perrigo currently manufactures two of the three products included in this portfolio for Lumara. In addition, Perrigo intends to increase promotional efforts of these three products, which achieved peak sales of approximately $78 million before two of these products were removed from the market due to production issues. These prescription products fit into the company’s position for prescription extended topical products. The three products include Clindesse(clindamycin phosphate) vaginal cream, 2%, Gynazole-1 (butoconazole nitrate vaginal cream USP, 2%), and Evamist (estradiol transdermal spray) for $82 million, according to Lumara Health