LINCOLNSHIRE, Ill., Aug. 22 /PRNewswire/ -- Ovation Pharmaceuticals, a
specialty pharmaceutical company, today announced the acquisition of
Tranxene(R) (clorazepate dipotassium) and Desoxyn(R) (methamphetamine
hydrochloride) from Abbott Laboratories. As part of the acquisition, Abbott
will continue to manufacture both products for a period of time under a
product supply agreement with Ovation. The two FDA-approved products, both
designed for the treatment of central nervous system ("CNS") disorders, mark
Ovation's first CNS products since partnering with GTCR Golder Rauner, LLC.
In April of this year, Ovation received a commitment for $150 million in
equity financing from GTCR for the purpose of enabling Ovation to acquire
under-promoted branded pharmaceutical products.
"These acquisitions constitute an important milestone for Ovation, as they
are the first products in our CNS portfolio," said Jeffrey S. Aronin,
Ovation's President and Founder. "Both products fit well into our strategy of
acquiring under-promoted pharmaceutical products in specialty-physician
markets. These products target CNS conditions with high levels of unmet
medical need and large refractory and treatment-resistant populations," Aronin
said. "For these reasons, Tranxene and Desoxyn give us a strong platform for
building our CNS franchise."
Tranxene is a benzodiazepine used for the management of anxiety disorders,
as adjunctive therapy in the management of partial seizures due to epilepsy,
and for symptomatic relief of acute alcohol withdrawal. It is available as a
multi-dose-per-day tablet (Tranxene T-Tab(R)) and a single-dose-per-day tablet
(Tranxene SD(TM)). Desoxyn is an amphetamine that is approved for the
treatment of Attention Deficit with Hyperactivity Disorder (ADHD) and
exogenous (caused by external factors) obesity. Desoxyn is available as a
multi-dose-per-day tablet.
The two medications become part of a product portfolio that Ovation is
building in neurology, oncology and other specialty therapeutic areas.
Ovation's commercial activities with these two drugs will center on increasing
sales through focused sales and marketing activities targeting the
concentrated population of neurology and psychiatry prescribers as well as
through product improvement and development efforts.
Tranxene, a schedule IV controlled substance, should not be taken by
patients with known hypersensitivity to the drug, those with acute narrow
angle glaucoma, patients less than nine years of age, or those who are
pregnant and is not recommended for use in depressive neuroses or psychotic
reactions. Patients taking Tranxene should not engage in hazardous
occupations requiring mental alertness and should not use Tranxene with other
CNS-depressant drugs. After extended therapy, abrupt discontinuation of
Tranxene should be avoided, and caution should be observed in patients who
have potential for drug dependence.
Desoxyn, a schedule II controlled substance, has a high potential for
abuse. When prescribed for exogenous obesity, Desoxyn should be tried only in
weight reduction programs for patients in whom alternative therapy has been
ineffective. Desoxyn should not be taken during or within 14 days following
the administration of monoamine oxidase inhibitors, and should not be taken by
patients with glaucoma, advanced arteriosclerosis, symptomatic cardiovascular
disease, hypertension, hyperthyroidism or known hypersensitivity to
sympathomimetic amines. Desoxyn should not be given to patients who are in an
agitated state or who have a history of drug abuse.
About Ovation Pharmaceuticals, Inc.
Ovation Pharmaceuticals, Inc. is a specialty pharmaceutical company that
acquires under-promoted branded pharmaceutical products and promising late-
stage development products. Ovation increases the sales of acquired products
through active selling efforts, creative marketing programs, and product life
cycle activities that focus on developing new formulations, new indications,
and other product improvements. Ovation is privately held and based in the
Chicago area. For more information, visit http://www.ovationpharma.com .
Tranxene, Desoxyn, Tranxene T-Tab and Tranxene SD are exclusive trademarks
of Ovation Pharmaceuticals, Inc.
SOURCE Ovation Pharmaceuticals
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Related links:
http://www.ovationpharma.com
CONTACT:
Jill Schmidt, ext. 227, jills@sspr.com , or
Jason Ovitt, ext. 236, jason@sspr.com , of S&S Public Relations,
+1-847-955-7730
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