Shionogi set to buy Victory for $150M
Japanese drugmaker Shionogi has agreed to pay $150.0 million for Victory Pharma, a US firm that markets and develops products to treat pain and related conditions. The deal is expected to close in the second quarter and is subject to usual clearance conditions.
The takeover will be made through Shionogi's US unit, Sciele Pharma. Ed Schutter, chief operating officer of Sciele, said the acquisition is part of the Osaka-based parent firm's goal to diversify into new areas.
As part of its new focus, Shionogi plans to accelerate the development of its drug candidate for the alleviation of opioid-induced adverse effects and other preclinical compounds. Victory's lead product is Naprelan, which is the only branded, once-daily sustained-release formulation of naproxen sodium, a non-steroidal anti-inflammatory drug with a good gastrointestinal safety profile, the firm claims.
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