Deal marks Iroko’s entrance into the Canadian pharmaceutical market
PHILADELPHIA, PA, October 10, 2007 — Iroko Pharmaceuticals announced today the acquisition of the Canadian rights to the oral product line of the antibiotic Vancocin® (vancomycin hydrochloride) from Eli Lilly Canada, an affiliate of Eli Lilly and Company (NYSE: LLY) effective September 11, 2007.
Vancocin is a potent antibiotic indicated to treat two significant bacterial infections of the lower digestive tract, including diseases caused by C. difficile (Clostridium difficile), one of the most common bacteria found in hospitals and long-term care facilities. According to the Public Health Agency of Canada, C. difficile can put the elderly and those requiring prolonged use of antibiotics at greatest risk of infection.
“This acquisition further augments Iroko’s product portfolio and gives us the opportunity to extend our global footprint into Canada,” said John Vavricka Iroko’s President and CEO. “We are very pleased to acquire and continue selling this important medicine.”
This represents Iroko’s second acquisition of products from a major pharmaceutical company. The first acquisition announced in March 2007 was for Aldomet® (methyldopa) and Indocin® (indomethacin) from Merck & Co. (NYSE: MRK).
Financial terms of the agreement were not disclosed.
About Iroko Pharmaceuticals LLC: Iroko is a pharmaceutical company focused on specialty therapeutic areas. The company acquires, develops and maximizes the potential of currently marketed pharmaceutical products. Iroko increases the revenues of acquired products through focused selling and marketing efforts and product life cycle management activities including development of new formulations to improve patient treatment.