San Diego pharmaceuticals firm acquires two migraine drugs
By Associated Press, 7/8/2002 19:26
SAN DIEGO (AP) Xcel Pharmaceuticals Inc. said Monday that it has acquired U.S. rights for two
prescription drugs used to treat migraine headaches.
Xcel acquired the rights to Migranal Nasal Spray and DHE 45 Injection from East Hanover,
N.J.,-based Novartis Pharmaceuticals Corp.
Terms of the deal were not disclosed, but Xcel said it raised $22.5 million to help it acquire the
rights.
Migranal, launched in the United States in 1998, is patented until December 2009. DHE 45,
introduced in 1946, has long been a standard treatment for migraine, Xcel said.
''We expect Migranal and DHE 45 to provide meaningful revenue and earnings growth immediately
and going forward,'' said Michael T. Borer, Xcel's president and chief executive officer.
Xcel, based in San Diego, was formed last year to acquire and market prescription drugs in niche
U.S. markets.
On the Net:
Xcel: xcelpharmaceuticals.com
Novartis: pharma.us.novartis.com |
