Jazz Pharmaceuticals merges with Azur Pharma
Palo Alto/Dublin - Jazz Pharmaceuticals Inc. has bought Azur Pharma Limited in an all-stock deal that will create a specialty pharmaceutical company incorporated in Ireland. Shareholders of Jazz will own nearly 80 percent of the company, to be renamed Jazz Pharmaceuticals plc. Jazz‘s CEO Bruce Cozadd will stay, while the Azur Pharma chairman and CEO will join the Jazz board. „This significant transaction represents a compelling strategic fit“, said Cozadd. The combined company is expected to have a diversified revenue base from 12 products currently marketed in the US in the central nervous system and women‘s health areas. It will have no debt and about $250 million in cash at closing. In the U.S. Azur Pharma sells 10 drugs for the central nervous system and women‘s health. In this market it expects sales of $95 million to $100 million this year. Jazz Pharmaceuticals‘ currently markets two products, Xyrem to treat the two key symptoms of narcolepsy and Luvox for obsessive compulsive disorder. Jazz earned $32.8 million on sales of $173.8 million.