Jul. 16, 2010
SEPRACOR INC. TO BECOME SUNOVION PHARMACEUTICALS INC.
Leader in central nervous system (CNS) and respiratory therapies to establish new corporate identity while maintaining brand strengths and building pipeline
MARLBOROUGH, Mass., July 15, 2010 -- Sepracor Inc. (Sepracor) and Dainippon Sumitomo Pharma Co., Ltd. (DSP), an Osaka, Japan-based pharmaceutical company, announced today the intent to change the Sepracor name to Sunovion Pharmaceuticals Inc. in the United States. DSP acquired Sepracor in October 2009 and the name change is planned to occur in anticipation of the one-year anniversary of the acquisition. Sepracor intends to begin officially operating as Sunovion Pharmaceuticals Inc. before the end of 2010.
In April 2010, Dainippon Sumitomo Pharma America, Inc. (DSPA), based in Fort Lee, New Jersey, merged into Sepracor, consolidating DSP's North American operations and facilitating the efforts related to the launch preparations of lurasidone, the company's highly-anticipated atypical antipsychotic, which is being developed for the treatment of schizophrenia. The new drug application (NDA) for lurasidone was submitted to the U.S. Food and Drug Administration (FDA) in December 2009 and the FDA's review of the application is ongoing.
"Sepracor became a subsidiary of DSP in October 2009. The post-merger integration progressed very smoothly and was completed earlier than expected," said Masayo Tada, President and Chief Executive Officer of Dainippon Sumitomo Pharma Co., Ltd. "Therefore, in April 2010, we merged DSPA, our other U.S. subsidiary, with and into Sepracor. In order to foster a sense of unity for our combined U.S. operations, we have decided that we will change its name. Moreover, we intend to expand the Sunovion brand in certain strategic international locations."
As Sunovion Pharmaceuticals Inc., Sepracor will retain its corporate headquarters in Marlborough, Massachusetts. The company will maintain its commercial function for all brands including LUNESTA®, XOPENEX®, XOPENEX HFA®, BROVANA®, OMNARIS® and ALVESCO® in Massachusetts while its strong R&D operations will be located in both Fort Lee, New Jersey and Massachusetts.
"The past year has been one of tremendous change and growth for Sepracor as we have become a key part of the DSP organization," said Mark Iwicki, President and Chief Operating Officer of Sepracor Inc.
"Building on the merger with DSPA, we have the exciting opportunity to deliver increased R&D capabilities that come from combining our two organizations, leverage our commercial excellence, and expand our global presence. We look forward to achieving these goals as we anticipate the formal name change to Sunovion Pharmaceuticals Inc. later this year."
About Sepracor Inc.
Sepracor Inc., an indirect, wholly-owned subsidiary of Dainippon Sumitomo Pharma Co., Ltd., is a research-based pharmaceutical company dedicated to treating and preventing human disease by discovering, developing and commercializing innovative pharmaceutical products that are directed toward serving large and growing markets and unmet medical needs.
Sepracor's drug development program, together with its corporate development and licensing efforts, has yielded a portfolio of pharmaceutical products and candidates with a focus on respiratory and central nervous system disorders. Currently marketed products include LUNESTA® brand eszopiclone, XOPENEX® brand levalbuterol HCl Inhalation Solution, XOPENEX HFA® brand levalbuterol tartrate Inhalation Aerosol, BROVANA® brand arformoterol tartrate Inhalation Solution, OMNARIS® brand ciclesonide Nasal Spray and ALVESCO® brand ciclesonide HFA Inhalation Aerosol. Sepracor's corporate headquarters are located in Marlborough, Massachusetts. For more information, please visit Sepracor's website at www.sepracor.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's strong research and development presence in the areas of CNS, diabetes, cardiovascular disease, and inflammation/allergy, is based on the merger in 2005 between Sumitomo Pharmaceuticals Co., Ltd., and Dainippon Pharmaceutical 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.
LUNESTA, XOPENEX, XOPENEX HFA and BROVANA are registered trademarks of Sepracor Inc. OMNARIS and ALVESCO are registered trademarks of Nycomed GmbH.