News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Mayne Pharma Limited Completes Purchase Of SuperGen, Inc. (SUPG)'s North American Oncology Products; Mayne Pharma To Pay $34 Million


8/23/2006 10:26:17 AM

DUBLIN, Calif. and MELBOURNE, Australia, Aug. 23 /PRNewswire/ -- Mayne Pharma Limited (ASX: MYP - News) and SuperGen, Inc. (Nasdaq: SUPG - News) today announce that the proposed acquisition of the North American rights to SuperGen's Nipent® (pentostatin for injection) and SurfaceSafe(TM), as communicated on 22 June 2006, has completed. Mayne Pharma will pay a total maximum consideration of US$34 million inclusive of approximately US$14 million at completion. Remaining payments are contingent on key events and product performance.

For further information about Mayne Pharma, please contact:

Investor Contact Media Contact Andrew Rowe Teresa La Thangue Vice President Investor Relations Media Relations Manager Ph: +44 (0) 20 7420 8426 Ph: + 44 (0) 20 7420 8479 Mobile: +44 7920 598 353 Mobile: +44 7920 598 352 or Sue Cato Ph: +61 293602021 Mobile: +61 419282319

For further information about SuperGen, please contact:

Timothy L Enns Sharon Weinstein SuperGen, Inc. Noonan Russo Tel: (915) 560 0100 x 111 Tel: (212) 845 4271 tenns@SuperGen.com Sharon.weinstein@eurorscg.com

Notes to editors:

About SuperGen Based in Dublin, California, SuperGen is a pharmaceutical company dedicated to the discovery, acquisition, rapid development and commercialization of therapies for solid tumors and hematological malignancies. SuperGen's portfolio includes Orathecin(TM) (rubitecan) capsules, an investigational drug intended for the treatment of pancreatic cancer, Nipent® (pentostatin for injection), Mitomycin, SurfaceSafe® cleaner, and a number of preclinical products being developed as inhibitors of aurora-A, tyrosine kinase and DNA methyltransferase. For more information about SuperGen, please visit http://www.supergen.com/ .

About Mayne Pharma

Mayne Pharma Limited is a specialty pharmaceutical company focused on developing, manufacturing and selling a comprehensive range of products to oncology customers in more than 65 countries around the world. The company seeks to augment its growth by accessing additional marketed or development- stage products either through acquisition or partnership. Mayne Pharma generated sales of more than $US 500 million in its financial year ended 30 June 2005 and is listed on the Australian Stock Exchange under the symbol 'MYP'. For more information about Mayne Pharma, please visit http://www.maynepharma.com .

This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created thereby. These forward-looking statements include statements regarding the ability of the proposed transaction to strengthen SuperGen's financial position and enable SuperGen to commercialize its other products. Such statements are just predictions and involve risks or uncertainties such that actual results and performance may differ materially. Factors that might cause such a difference include (1) the failure of the parties to consummate the proposed transaction, (2) failure by Mayne to achieve the revenue milestones, resulting in SuperGen's failure to earn the deferred payments under the agreement. These and other risks are detailed from time to time in SuperGen's periodic filings with the Securities and Exchange Commission, including the report on Form 10-K for the fiscal year ended December 31, 2005 and on Form 10-Q for the quarter ended June 30, 2006. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update or revise the information contained in any such forward-looking statements, whether as a result of new information, future events or otherwise.

Nipent® is a registered trademark of SuperGen, Inc.

Source: SuperGen, Inc.

>>> Discuss This Story


Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES