Xanodyne Pharmaceuticals (Florence, KY, www.xanodyne.com) was named the winning bidder on July 12 in an auction that decided the fate of aaiPharma's pharmaceuticals division. Xanodyne acquired all company assets in bankruptcy court for $209.25 million. The company also said that it will purchase $30 million in services to be supplied by the development services division of aaiPharma.
As part of the deal, Xanodyne will acquire the pain-management drugs, "Darvon" and "Darvocet,' as well as three pain products in clinical development. The additional products are expected to bring in pro forma 2005 revenues of nearly $100 million.
"We have believed for some time that the two businesses fit very well together," said William Nuerge, CEO of Xanodyne. "Xanodyne brings a pipeline of women's healthcare products and a strong commercial capability and infrastructure for both women's healthcare and pain management products, while aaiPharma has a broad range of currently marketed and pipeline pain products."
In other news, Xanodyne's board of directors was reshuffled to guide the company through the purchase and merger. Members James Cavanaugh, James Currie, and Nuerge remain on the board and will be joined by Ansbert Gadicke, Steven St. Peter, Adele Oliva, and Dennis Purcell. Cavanaugh continues as chairman of the board.
COPYRIGHT 2005 Advanstar Communications, Inc.
COPYRIGHT 2005 Gale Group
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