Singapore, Sept 18, 2008: Canada’s Biovail Corp has acquired Prestwick Pharmaceuticals, a privately held, US-based pharmaceutical company for $100 million.
Prestwick holds the Canadian and US licensing rights to Xenazine (tetrabenazine tablets).
The Food and Drug Administration recently approved Xenazine for the treatment of chorea associated with Huntington's disease.
Xenazine was granted Orphan Drug designation by the FDA, which provides the product with seven years of market exclusivity in the US.
Prestwick recently entered into an exclusive agreement with Ovation Pharmaceuticals, a leading US-based specialty biopharmaceutical company, to commercialize Xenazine in the US. The product's commercial launch is anticipated late-2008.
"We are delighted to have acquired Prestwick, and with it, an interest in Xenazine - the first and only FDA-approved treatment for any symptom of Huntington's disease," said Biovail Chief Executive Officer Bill Wells. "The transaction meets all of our acquisition criteria, and represents Biovail's first commercial exposure to specialty markets in central nervous system, or CNS disorders. The acquisition is another important step in the implementation of our New Strategic Focus."
| 
Comment on this article
