Oscient completes $78M buy of Reliant's Antara
Oscient Pharmaceuticals has completed its acquisition of the US rights to the cardiovascular product Antara (fenofibrate) 130mg capsules from fellow USA-based Reliant Pharmaceuticals. On August 21, news of the deal sent Oscient's share price up $0.02 to $1.28 in morning trading.
According to its new owner, Antara, which generated $35.0 million in revenue in the 12 months to June 2006, will compete in the $22.0 billion domestic market for dyslipidemia treatments, noting that within this, the fenofibrate market is worth $1.0 billion.
Oscient bought the drug's domestic rights for $78.0 million, plus a purchase of approximately $4.0 million of Reliant's existing inventory. The former company has finalized its agreement with the international health care investment fund Paul Capital Partners' Paul Royalty Fund II to provide $70.0 million for this product acquisition.
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