FREMONT, Calif., March 24 /PRNewswire-FirstCall/ -- Protein Design Labs,
Inc. (PDL) (Nasdaq: PDLI), a leading developer of humanized monoclonal
antibodies, today announced that it has completed its previously announced
acquisition of ESP Pharma Holding Company, Inc. (ESP Pharma), a leading
privately held, hospital-focused pharmaceutical company. ESP Pharma focuses
on selectively acquiring approved and late-stage development products
addressing the needs of the acute-care hospital market. ESP Pharma was
founded in April 2002 around the acquisition of several therapeutics from
Wyeth, including ESP Pharma's leading product, Cardene(R) IV.
Under the terms of the ESP Pharma acquisition agreement, all shares of ESP
Pharma common and preferred stock were exchanged for 9,853,770 shares of PDL
common stock and $325,000,000 in cash.
PDL has also completed, through the purchase of ESP Pharma, the previously
announced acquisition of certain product rights and assets relating to a
product known as Retavase(R) from Centocor, Inc., a biopharmaceutical
operating company of Johnson & Johnson (Centocor).
Under the terms of the Retavase acquisition agreement, ESP Pharma paid to
Centocor $110 million for the rights to manufacture, develop, market and
distribute Retavase(R) (reteplase) in the United States and Canada.
Additional milestone payments of up to $45 million will be made if additional
conditions relating to the ongoing clinical trials and manufacturing
arrangements are satisfied.
Protein Design Labs is a leader in the development of humanized antibodies
to prevent or treat various disease conditions. PDL currently has antibodies
under development for autoimmune and inflammatory conditions, asthma and
cancer. Further information on PDL is available at http://www.pdl.com or by
contacting James R. Goff, Senior Director, PDL Corporate Communications,
510-574-1421 or jgoff@pdl.com.
Protein Design Labs and the PDL logo are registered U.S. trademarks of
Protein Design Labs, Inc. Cardene is a registered trademark of Roche Palo
Alto LLC. Retavase is a registered trademark of ESP Pharma, Inc., a
wholly-owned subsidiary of Protein Design Labs, Inc.
SOURCE Protein Design Labs, Inc.
 back to top
Related links:
http://www.pdl.com
CONTACT:
James R. Goff, Senior Director, Corporate
Communications of Protein Design Labs, Inc., +1-510-574-1421, or
jgoff@pdl.com
|
