Sigma-Tau buys specialty pharmaceuticals from Enzon
Rome - Sigma-Tau SpA will acquire the specialty pharmaceuticals business of Enzon Pharmaceuticals Inc for $300 million in cash and up to $27 million in potential milestones. Enzon’s specialty pharmaceutical business includes four marketed products: Abelcet, an antifungal amphotericin B liposomal injection, Adagen, an enzyme replacement therapy to treat severe combined immunodeficiency disease (SCID), and two cancer drugs, Oncaspar pegaspargase and DepoCyt Ara-C. The purchase also includes Enzon's manufacturing facility in Indianapolis, Indiana, which will be taken over by a US subsidiary of Sigma-Tau Pharmaceuticals, Inc. Enzon will receive royalties of 5 to 10 percent on incremental net sales of the four products above a 2009 baseline amount from Enzon’s four marketed specialty pharmaceutical products up to 2014. The transaction could be deemed to constitute a sale of “substantially all” of Enzon’s assets under Delaware law, and is therefore contingent upon approval by the holders of a majority of Enzon’s outstanding shares of common stock.
With this deal Sigma-Tau hopes to gain a better presence in the US market and to increase its standing in the field of rare diseases. The wholly Italian -owned company is based in Pomezia, near Rome. In 2008, the company achieved a turnover of €613 million. The company says a total of 13 NCEs and 12 known molecular entities in 33 different indications are currently at various stages of development. A number of these are aimed at rare diseases. Therapeutic areas in which the company's research and development are focused include metabolism, neurology, cardiovascular, oncology and immunology.