Biovail (BVF) Acquires Prestwick Pharma for $100M

September 17, 2008 7:42 AM EDT

Biovail Corporation (NYSE: BVF) today announced it has acquired Prestwick Pharmaceuticals, Inc., a privately held, U.S.-based pharmaceutical company that holds the Canadian and U.S. licensing rights to Xenazine(R).

Xenazine(R) was recently approved by the U.S. FDA for the treatment of chorea associated with Huntington's disease. Xenazine(R) was granted Orphan Drug designation by the FDA, which provides the product with seven years of market exclusivity in the United States.

Under the terms of the agreement, Biovail has paid $100 million to acquire 100% of Prestwick Pharmaceuticals, Inc. and related license rights. Beyond Xenazine(R), the acquisition also provides Biovail with other early-stage products, including Lisuride Sub Q, Lisuride Patch and D-Serine.

The transaction is expected to be accretive to both earnings per share and cash flows in 2009.

Biovail Corporation, a pharmaceutical company, engages in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing various drug-delivery technologies in the United States and Canada.

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