Sepracor completes Oryx Pharma purchase

US drugmaker Sepracor has completed the acquisition of Oryx Pharmaceuticals, an affiliate of the Arrow Group. Oryx is a specialty pharmaceutical company that markets branded prescription medicines to physician specialists and hospitals within Canada and is focused in the cardiovascular, central nervous system disorders, pain and infectious disease therapeutic areas.

Under the terms of the agreement, Oryx' shareholders received $50.0 million (around 2.5 times projected 2008 sales) and may become entitled to subsequent payments of up to $20.0 million upon accomplishment of various Canadian regulatory milestones.