21. September 2011 15:30
Jazz Pharmaceuticals and Irish-based Azur Pharma Limited have combined to create a new speciality company.
The combined company – which will continue as Jazz Pharmaceuticals plc– will be incorporated in Ireland and has several products currently marketed in the US.
Seamus Mulligan, Chairman and CEO, Azur Pharma, says the merger creates a company that has “greater operational and financial resources” to enable its strategy of acquiring and developing speciality products.
The company markets ten products in the US within the central nervous system (CNS) and women’s health areas. Including Xyrem, Luvox CR, Prialt, FazaClo and Elestrin, revenues are now expected to reach more than $475 million in the first 12 months following the completion of the deal.
The combined company would also have a number of pipeline of lower-risk development programmes, including line extensions for the clozapine franchise and various other branded women’s health products.
"This significant transaction represents a compelling strategic fit, given our companies' closely aligned missions of identifying and developing products that address unmet patient needs and can be efficiently marketed through a specialty commercial infrastructure," said Bruce Cozadd, who will become the Chairman and CEO of Jazz Pharmaceuticals plc.