Transaction establishes Iroko in the analgesia and hypertension markets
PHILADELPHIA, PA, March 26, 2007 — Iroko Pharmaceuticals, LLC announced the acquisition of two prescription pharmaceutical products, Indocin® (indomethacin) capsules, suppositories and oral suspension, and Aldomet® (methyldopa) from Merck & Co., Inc. in most countries around the world.
Aldomet® is indicated for use in hypertension. Indocin® is indicated for use in a variety of conditions, including, moderate to severe rheumatoid arthritis, moderate to severe osteoarthritis, and acute painful shoulder (bursitis and/or tendonitis).
Financial terms of the transaction were not disclosed.
“We are very pleased to have concluded this transaction with Merck to acquire these two products with such well established pedigrees,” stated Iroko’s Chairman and Senior Managing Partner of Phoenix IP Ventures, Osagie Imasogie. “We are committed to continuing to build on Merck’s tradition of high quality product development and patient focused care with regards to these products.”
This acquisition of the two products is Iroko’s first transaction with a major pharmaceutical company and provides a strong base for additional acquisitions. The acquisition also provides Iroko with a U.S. and global footprint on which to grow the company’s business.
In addition, Iroko will assess the opportunity to seek approval and expand the use of these products in additional territories.
Osagie Imasogie stated that “it was a pleasure to work with Merck, a company with such a rich history and tradition in the pharmaceutical industry. This acquisition process was a positive experience for both companies and I am proud that Merck chose to work with Iroko on this transaction.”
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 sales of acquired products through focused selling and marketing efforts and product life cycle management activities that focus on developing new formulations and new indications.
About Phoenix IP Ventures: An Intellectual Property Merchant Bank which works in partnership with life sciences companies to maximize the potential value of intellectual property based assets. Phoenix IPV works in collaboration with major players in the financial community to scale its own proprietary investments in transactions identified and managed by the Firm.
About Merck: Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. For more information, visit www.merck.com.