LOUISVILLE, KY--(Marketwire - August 13, 2010) -
US WorldMeds, LLC, a Kentucky-based specialty pharmaceutical company that develops unique products to address unmet medical needs, today announced it has acquired Solstice Neurosciences, Inc. for $35.7 million. The acquisition expands US WorldMeds' operations, adds to the company's growing portfolio of products and enhances the company's ability to create and deliver high-quality specialty pharmaceutical products to its targeted global markets.
"By acquiring Solstice Neurosciences, US WorldMeds is bringing together the knowledge, passion and innovative spirit of two leading-edge companies," said P. Breckinridge "Breck" Jones, CEO of US WorldMeds. "US WorldMeds is dedicated to leveraging our scientific expertise to develop novel specialty pharmaceuticals that make a difference in patients' lives. I am confident this merger will lead to powerful new innovations and accelerate growth opportunities for our combined company."
Solstice Neurosciences is a specialty biopharmaceutical company headquartered in Malvern, PA with a production and manufacturing facility in San Francisco. The combined company, which will operate as US WorldMeds, will be headquartered in Louisville with Jones as CEO. In conjunction with the Solstice merger, US WorldMeds announced the promotions of H. Lee Warren to Chief Operating Officer and Robert (Bob) Melhorn to Vice President Operations. In addition, US WorldMeds expects to add up to 30 new employees by the end of 2010, including sales staff across the U.S. and corporate staff in Louisville.
The acquisition immediately expands US WorldMeds' product portfolio with the addition of Solstice's premiere product, which is sold as MYOBLOC® (rimabotulinumtoxinB) Injection Solution in the U.S. and NeuroBloc® (Botulinum Toxin Type B) Injectable Solution in select overseas markets. Myobloc is indicated for the treatment of adults with cervical dystonia to reduce the severity of abnormal head position and neck pain associated with cervical dystonia. Units of biological activity of MYOBLOC cannot be compared to or converted into units of any other botulinum toxin products. MYOBLOC remains the only type B botulinum toxin approved for use in the world.
Other products in US WorldMeds' product portfolio include Revonto™, a fast-reconstituting form of Dantrolene Sodium for Injection for the treatment of malignant hyperthermia, and Lofexidine, a non-narcotic treatment in late-stage development for acute opiate withdrawal symptoms.
MTS Securities, LLC, an affiliate of MTS Health Partners, L.P., served as the advisor to Solstice Neurosciences in the transaction.
About US WorldMeds
US WorldMeds is a Kentucky-based specialty pharmaceutical company that develops, licenses and commercializes unique medical therapies that address unmet patient needs. US WorldMeds' products include novel treatments for malignant hyperthermia, cervical dystonia and symptoms of opiate withdrawal. For more information, please visit www.usworldmeds.com.
IMPORTANT SAFETY INFORMATION FOR REVONTO
Fatal and non-fatal liver disorders of an idiosyncratic or hypersensitivity type may occur with dantrolene sodium therapy. There have been reports of thrombophlebitis following administration of intravenous dantrolene. There have been rare reports of urticaria and erythema possibly associated with the administration of i.v. dantrolene sodium.
Please see the full Prescribing Information for Revonto by visiting www.revonto.com.
IMPORTANT SAFETY INFORMATION FOR MYOBLOC
MYOBLOC has a boxed warning related to the distant spread of toxin effect: The effects of MYOBLOC and all botulinum toxin products may spread from the area of injection to produce symptoms consistent with botulinum toxin effects. These symptoms have been reported hours to weeks after injection. Swallowing and breathing difficulties can be life threatening and there have been reports of death. The risk of symptoms is probably greatest in children treated for spasticity but symptoms can also occur in adults, particularly in those patients who have underlying conditions that would predispose them to these symptoms.
The most frequently reported adverse events with MYOBLOC are dry mouth, dysphagia, dyspepsia, and injection site pain. The vast majority of these adverse events were mild to moderate, temporary, self-resolving, and more common with higher doses. These adverse events may occur within the first week following treatment and may have a duration of several months. In controlled clinical trials, few patients ( < 1%) stopped treatment due to dry mouth or dysphagia. There is a reduced frequency of dry mouth and dysphagia reported with continued treatment. Dysphagia has commonly been reported by patients treated with all botulinum toxins for cervical dystonia.
Caution should be exercised when administering MYOBLOC to individuals with motor neuron disease (eg, amyotrophic lateral sclerosis), peripheral motor neuropathic diseases (eg, motor neuropathy) or neuromuscular junctional disorders (eg, myasthenia gravis or Lambert-Eaton syndrome). These patients may be at increased risk of clinically significant systemic effects including severe dysphagia and respiratory compromise from typical doses of MYOBLOC. In these patients, rare cases of dysphagia severe enough to cause aspiration pneumonia or to warrant the insertion of a gastric feeding tube have also been reported.
Coadministration of MYOBLOC and aminoglycosides or other agents interfering with neuromuscular transmission (eg, curare-like compounds) should only be performed with caution as the effect of the toxin may be potentiated.
Please see the full Prescribing Information and the Medication Guide for MYOBLOC by visiting Solstice Neurosciences' website at www.solsticeneuro.com.
Revonto is a trademark of US WorldMeds
MYOBLOC is a registered trademark of Solstice Neurosciences
NeuroBloc is a registered trademark of Solstice Neurosciences