Allergan plans to buy Esprit Pharma for approximately $370 million in cash. The transaction will expand Allergan’s interest in the genitourinary (GU) market.
“With the operational resources and talent gained from Esprit, we intend to develop in-depth expertise in the GU therapeutic area similar to our other pharmaceutical specialties and further accelerate growth in our U.S. pharmaceutical business.”
The company is already conducting Phase II and III investigations of Botox® as a treatment of idiopathic and neurogenic overactive bladder (OAB). Acquiring Esprit will add two marketed OAB products,” comments David E. I. Pyott, Allergan's chairman of the board and CEO.
Esprit’s Sanctura® is a twice-a-day anticholinergic approved for the treatment of OAB. Additionally, the FDA recently granted approval for Sanctura XR a once-daily formulation of Sanctura. Esprit licensed exclusive U.S. rights to both products from Indevus Pharmaceuticals, which will copromote the therapies for up to 18 months. Allergan currently anticipates launching Sanctura XR in the first quarter of 2008.
“With Santura XR, which has been shown to be effective while significantly reducing typical side effects such as dry mouth associated with many OAB medications, we are building a treatment portfolio that addresses the continuum of care for OAB and other GU disorders,” remarks Pyott.