Addrenex being bought by Sciele
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RESEARCH TRIANGLE PARK, N.C. — Atlanta-based Sciele Pharma Inc., said Monday that it will acquire Durham-based Addrenex Pharmaceuticals Inc., in a deal valued at $29 million.
Sciele is part of Shionogi & Co. Ltd., which has its headquarters in Osaka, Japan.
Addrenex specializes in developing drugs that regulate the adrenergic system. Sciele previously licensed Addrenex's Clonicel for attention deficit hyperactivity disorder (ADHD), and Jenloga XR (once-daily clonidine) for hypertension. They filed last month seeking FDA approval for Clonicel.
In addition, Sciele licensed rights to ADX-415 for the treatment of vasomotor systems and hypertension.
Patrick Fourteau, Sciele president and chief executive officer, said, "Addrenex has an exciting development platform and several compounds that have the potential to further expand and diversify our product portfolio."
Moise A. Khayrallah, Addrenex CEO and co-founder, said, "Sciele Pharma has been a valuable partner and catalyst for the success of Addrenex. The partnership has enabled our team to expand the development pipeline and now gives Sciele access to a large portfolio of products that offer tremendous promise for patients and their families."
Addrenex got started with help from the state's North Carolina Biotechnology Center. The company received $160,000 in early stage support via two loans 2006 – a $25,000 Business Development Loan (BDL) and a $135,000 Small Business Research loan (SRL).
In the wake of the sale, the company has repaid the Biotechnology Center a total of $203,511.39 in principal and interest, the center reported Monday.
The Biotechnology Center also took warrants in the company as part of the loan agreement. With the sale to Sciele, those warrants generated a cash payout of $289,323.70.
Copyright 2010 Local Tech Wire. All rights reserved.
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