>>PRINCETON, N.J., Feb. 7 /PRNewswire-FirstCall/ -- Barrier Therapeutics, Inc. (Nasdaq: BTRX - News), a pharmaceutical company developing products in the field of dermatology, today announced the acquisition of the U.S. and Canadian rights to SOLAGE(R) (mequinol 2%, tretinoin 0.01%) Topical Solution from Moreland Enterprises Limited.
Under the terms of the acquisition, Barrier made an initial cash payment of $3 million and will make future payments totaling up to an additional $2 million, depending upon future sales of the product. Under the agreement, Barrier is being assigned all U.S. and Canadian marketing authorizations, patents, and trademarks for the product and is purchasing all existing inventory. The patent rights include U.S. and Canadian patents covering SOLAGE's pharmaceutical composition and methods of use until 2010.
SOLAGE was launched by Galderma Laboratories in 2003 and marketed by Galderma until the product's sale to Moreland in December 2004. Through a separate transaction, Galderma and Barrier have entered into a distribution agreement under which Galderma will provide distribution services and logistical support for the product during a transition period.
"Select product acquisitions to expand Barrier's portfolio are part of our business strategy," stated Al Altomari, Chief Commercial Officer for Barrier Therapeutics. "The criteria for potential acquisitions include that the products have patent protection, complement our existing portfolio, and have brand equity with the dermatology community. We are excited about the acquisition of SOLAGE, as it satisfies each of these criteria."
About SOLAGE
SOLAGE contains two active ingredients, mequinol and trentinoin. In the U.S., the product is indicated for the treatment of solar lentigines, while the Canadian indication is somewhat broader and includes use for related hyperpigmented lesions as well. Solar Lentigines is a common condition also known as "age spots" or "liver spots." According to published reports, they are very common in light skinned individuals and appear in as many as 90% of those over the age of 60 and 20% of those under age 35. Therefore, Barrier estimates that more than 20 million people in the U.S. have this condition. Currently, SOLAGE is the only combination product approved in the U.S. for the treatment of solar lentigines.<<
One of the better starts for a Wave II IPO. BTRX is at 21 bucks as I type.
Cheers, Tuck |
