WILMINGTON, N.C., Oct. 22 /PRNewswire-FirstCall/ -- aaiPharma Inc.
(Nasdaq: AAII) announced today that it has agreed to acquire a portfolio of
pain management products from Elan Corporation, plc companies for $100
million, to be paid at closing. These products consist of three brands of
Schedule II pain products -- Roxicodone(R) (oxycodone hydrochloride) tablets
and oral solutions, Oramorph(R) SR (morphine sulfate sustained-release)
tablets, and Roxanol(TM) (morphine sulfate) oral solutions. aaiPharma has
also agreed to acquire a non-scheduled pain management product, Duraclon(R)
(clonidine hydrochloride injection), from Elan Corporation, plc companies, as
part of the same transaction.
The completion of this transaction is subject to clearance under the Hart-
Scott-Rodino Antitrust Improvements Act of 1976 by the Federal Trade
Commission and the Department of Justice.
Upon completion of the transaction, Roxicodone(R), Oramorph SR(R), and
Roxanol(TM) will mark aaiPharma's first foray into the oral Schedule II class
of pain management products, further augmenting its portfolio of branded pain
therapies. These products are complementary to aaiPharma's existing
Darvon(R)/Darvocet(TM) portfolio of Schedule IV pain products, and Duraclon(R)
brings additional depth to its injectable pain product line, which currently
consists of an injectable methadone product.
"These products are an excellent fit with our current sales and promotion
focus and, upon completion of the transaction, will provide us added depth in
the $4.5 billion moderate to severe pain category," commented Dr. Philip S.
Tabbiner, President and CEO of aaiPharma. "We look forward to discussing this
accretive transaction in greater detail during our third quarter earnings call
later this week."
About aaiPharma
aaiPharma Inc. is a leading, science-based specialty pharmaceutical
company with corporate headquarters in Wilmington, North Carolina. With more
than 23 years of drug development expertise and a proven sales and marketing
track record, the Company is focused on acquiring, improving and marketing
well-known, branded medicines in pain management, critical care and
gastroenterology. In addition to its branded product portfolio and robust
pipeline, aaiPharma continues to offer comprehensive drug development services
to the pharmaceutical, biotechnology, generic and device industries through
its services division, AAI Development Services. For more information, please
visit aaiPharma's website at http://www.aaipharma.com.
Forward Looking Statements
Information in this press release contains certain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934, including
statements concerning the future accretive nature of these product
acquisitions and their commercial fit and significance in the marketplace.
The "forward-looking statements" herein involve risks and uncertainties that
could cause actual results to differ materially, including, without
limitation, risks and uncertainties pertaining aaiPharma's ability to timely
and successfully develop, improve, obtain timely regulatory approval for, and
profitably sell pharmaceutical products (including the products to be acquired
from Elan); to obtain, use, enforce, defend and license valid and commercially
valuable patents; and to obtain and enforce existing and future contracts with
major pharmaceutical companies for significant royalties and other
consideration. Additional factors that may cause the actual results to differ
materially are discussed in aaiPharma's recent filings with the Securities and
Exchange Commission, including, but not limited to, its Annual Report on Form
10-K filed on March 28, 2003, including its exhibits; its Forms 10-Q filed on
May 15, 2003 and August 14, 2003 (including its Exhibit 99.1), its Form 8-Ks;
and its other periodic filings.
Darvocet(TM) is a trademark, and Darvon(R) is a registered trademark,
owned by aaiPharma Inc. Roxanol(TM) is a trademark, and Roxicodone(R) and
Oramorph(R) are registered trademarks, of Elan Corporation, plc. Duraclon(R)
is a registered trademark of Fujisawa USA, Inc.
SOURCE aaiPharma Inc.
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Related links:
http://www.aaipharma.com
CONTACT:
media, Andrea L. Johnston, Vice President,
Corporate Communications, +1-910-254-7340, or investors, James B.
Sloan, Jr., Senior Vice President, Corporate Finance,
+1-910-254-7690, both of aaiPharma Inc.
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