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Sandoz completes acquisition of Oriel
Therapeutics, strengthening potential for global leadership in
respiratory
Princeton, New Jersey; June 3, 2010– Sandoz announced today that
it has completed its acquisition of Oriel Therapeutics, a
privately held US pharmaceuticals company, for an undisclosed
sum.
- Closure gives Sandoz rights to several promising development
projects, as well as to novel FreePath™ drug delivery system and
Solis™ multi-dose dry powder inhaler
- Regulatory approvals, if achieved, would broaden access to
affordable, high-quality respiratory medicines and reinforce
Sandoz’s position as a leader in differentiated generics
"The closing of the Oriel Therapeutics acquisition is an
important milestone in our aspiration to a global leadership
position in differentiated, high-value respiratory products,"
said Don DeGolyer, President of Sandoz Inc., the US subsidiary
of Sandoz. "We welcome the Oriel employees into our organization
and look forward to our ongoing work together to strengthen
Sandoz’s position in the respiratory market."
Deal finalization follows the announcement of a definitive
acquisition agreement on April 19 and the subsequent fulfillment
of closing conditions. Oriel will be integrated as a separate
development unit within Sandoz.
Oriel focuses on developing respiratory products with known
pathways as generic alternatives to patented drugs for asthma
and chronic obstructive pulmonary disease (COPD). Regulatory
approvals of these medicines, if achieved, would enable Sandoz
to increase access to affordable, high-quality therapeutic
alternatives for these increasingly prevalent diseases.
The acquisition also offers Sandoz access to Oriel’s novel
FreePath™ drug delivery technology, as well as its proprietary
Solis™ disposable dry powder inhaler (based on the FreePath™
technology).
Disclaimer
The foregoing release contains forward-looking statements that
can be identified by terminology such as "potential,"
"promising," "would," "look forward to," "will," or similar
expressions, or by express or implied discussions regarding the
potential impact of the acquisition of Oriel Therapeutics on
Novartis and its Sandoz Division, or regarding the potential
submission or approval of any potential new generic
pharmaceutical products, or regarding potential future sales or
earnings of the Novartis Group or its Sandoz Division. You
should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of the
Company regarding future events, and involve known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from any future results,
performance or achievements expressed or implied by such
statements. There can be no guarantee that the acquisition of
Oriel Therapeutics will result in any new product being
submitted or approved for sale in any market. Nor can there be
any guarantee that Novartis or its Sandoz Division, will achieve
any particular future financial results or future growth rates,
or that Novartis or Sandoz will be able to realize any potential
synergies, strategic benefits or opportunities as a result of
the acquisition. In particular, management’s expectations could
be affected by, among other things, uncertainties involved in
the development of new generic pharmaceutical products;
unexpected regulatory actions or delays or government regulation
generally; unexpected inabilities to obtain or maintain
exclusivity periods for developed products; competition in
general; government, industry and general public pricing
pressures; unexpected patent litigation outcomes; unexpected
patent litigation outcomes; litigation; the impact that the
foregoing factors could have on the values attributed to the
Novartis Group’s assets and liabilities as recorded in the
Group’s consolidated balance sheet, and other risks and factors
referred to in Novartis AG’s current Form 20-F on file with the
US Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, believed, estimated or expected.
Novartis is providing the information in this press release as
of this date and does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise.
About Sandoz
Sandoz, a Division of the Novartis group, is a global leader in
the field of generic pharmaceuticals, offering a wide array of
high-quality, affordable products that are no longer protected
by patents. Sandoz has a portfolio of about 1000 compounds and
sells its products in more than 130 countries. Key product
groups include antibiotics, treatments for central nervous
system disorders, gastrointestinal medicines, cardiovascular
treatments and hormone therapies. Sandoz develops, produces and
markets these medicines along with pharmaceutical and
biotechnological active substances and anti-infectives. In
addition to strong organic growth in recent years, Sandoz has
made a series of acquisitions including Lek (Slovenia), Sabex
(Canada), Hexal (Germany) and Eon Labs (US), and EBEWE Pharma
(Austria). In 2009, Sandoz employed around 23,000 people
worldwide and achieved net sales of USD 7.5 billion.
For further information
Ted Deutsch
Sandoz US Communications
+1 609 627 5287
ted.deutsch @sandoz.com
Chris Lewis
Sandoz Global Communications
+49 8024 476 2550
chris.lewis @sandoz.com |