Novartis sells US rights to the overactive bladder drug Enablex to Warner Chilcott for $400 million plus
Swiss drug major Novartis (NOVN: VX) has signed an agreement to sell to Warner Chilcott (Nasdaq: WCRX) the US rights to market Enablex (darifenacin) extended-release tablets, a drug to treat adults with symptoms of overactive bladder. The agreement will be filed with the US Federal Trade Commission under the Hart-Scott-Rodino Act and, subject to certain closing conditions set forth in the agreement, the transaction is expected to close by the end of October 2010.
Novartis will receive an upfront payment of $400 million from Warner Chilcott, with the potential for additional milestone payments up to $20 million. Novartis retains the rights to darifenacin worldwide except in the US. Warner Chilcott expects to assume manufacturing of Enablex for the US once it is transferred to Warner Chilcott's manufacturing facility.
$500 million senior notes sold to finance the deal
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