Sep. 06, 2012Corporate
Sunovion Pharmaceuticals Inc. Completes Acquisition of Elevation Pharmaceuticals, Inc.
Marlborough, Mass., September 5, 2012 － Sunovion Pharmaceuticals Inc. (Sunovion) today announced that it has completed the company's acquisition, by merger, of Elevation Pharmaceuticals, Inc. (Elevation). Elevation is now a wholly-owned subsidiary of Sunovion and has been renamed Sunovion Respiratory Development Inc.
The terms of the acquisition, which were announced by Sunovion on August 30, 2012, include Elevation's EP-101 product, an inhalation solution of a long-acting muscarinic antagonist (LAMA) bronchodilator that is in Phase 2b clinical trials for the treatment of patients with moderate to severe chronic obstructive pulmonary disease (COPD).
"As a company with a longstanding heritage in respiratory care, we are committed to bringing novel treatment options to market that help address the evolving needs of patients and healthcare providers," said Hiroshi Nomura, Vice Chair of Sunovion Pharmaceuticals Inc. and Chairman and CEO of Sunovion Respiratory Development Inc. "Now that Sunovion has completed the acquisition of Elevation, we intend to deploy the appropriate resources to develop and commercialize EP-101 by 2016."
EP-101 is a proprietary solution formulation of glycopyrrolate, delivered by a customized eFlow® Nebulizer System (originated by and licensed from PARI Pharma GmbH), which was developed to optimize medication delivery and allow ease of use. Daily administration of inhaled bronchodilators (including LABAs and LAMAs) and corticosteroids are the main therapeutic options for managing the symptoms of COPD. EP-101 was designed for patients who are not well controlled on current standard of care or who prefer a nebulizer. The novel delivery system was designed to offer two potential key features for patients: reduced time for administration for patients (<2 min. vs. 5-10 min. for standard jet nebulizer) and a more portable size with a reduced noise level than most current nebulizer devices. Two Phase 2 studies have been conducted, and an additional Phase 2 study will be conducted this year on EP-101 to evaluate its efficacy and safety in patients with moderate to severe COPD. Phase 3 trials are expected to be initiated in the second half of 2013.
About Sunovion Pharmaceuticals Inc. (Sunovion)
Sunovion is a leading pharmaceutical company dedicated to discovering, developing and commercializing therapeutic products that advance the science of medicine in the central nervous system (CNS) and respiratory disease areas and improve the lives of patients and their families. Sunovion's drug development program, together with its corporate development and licensing efforts, has yielded a portfolio of pharmaceutical products including LATUDA® (lurasidone HCl), LUNESTA® (eszopiclone), XOPENEX® (levalbuterol HCl) Inhalation Solution, XOPENEX HFA® (levalbuterol tartrate) inhalation aerosol, BROVANA® (arformoterol tartrate) inhalation solution, OMNARIS® (ciclesonide) nasal spray, ZETONNA™ (ciclesonide) nasal aerosol and ALVESCO® (ciclesonide) HFA inhalation aerosol.
Sunovion, an indirect, wholly-owned subsidiary of Dainippon Sumitomo Pharma Co., Ltd., is headquartered in Marlborough, Mass. More information about Sunovion Pharmaceuticals Inc. is available at www.sunovion.com.
About Dainippon Sumitomo Pharma Co., Ltd. (DSP)
DSP is a multi-billion dollar, top-ten listed pharmaceutical company in Japan with a diverse portfolio of pharmaceutical, animal health, and food and specialty products. DSP aims to produce innovative pharmaceutical products in the CNS field, which has been designated as the key therapeutic area and will also focus in on other specialty disease categories with significant unmet medical needs, which are designated as frontier therapeutic areas. DSP is based on the merger in 2005 between Dainippon Pharmaceutical Co., Ltd., and Sumitomo Pharmaceuticals Co., Ltd. Today, DSP has more than 7,000 employees worldwide. Additional information about DSP is available through its corporate website at www.sumitomo-pharma.com.
Barclays is acting as financial advisor to Sunovion Pharmaceuticals Inc. on this transaction. Jefferies and Company, Inc. acted as financial advisor to the pre-merger Elevation Pharmaceuticals, Inc.
LATUDA is a registered trademark of Dainippon Sumitomo Pharma Co., Ltd. LUNESTA, XOPENEX, XOPENEX HFA and BROVANA are registered trademarks and ZETONNA is a trademark of Sunovion Pharmaceuticals Inc. OMNARIS and ALVESCO are registered trademarks of Nycomed GmbH, used with permission.