DUBLIN, Calif. and MELBOURNE, Australia, June 21 /PRNewswire-FirstCall/ -- Mayne Pharma Limited (ASX: MYP - News) and SuperGen, Inc. (Nasdaq: SUPG - News) announced today that they have signed a definitive agreement for Mayne Pharma to acquire the North American rights to Nipent® (pentostatin for injection) and SurfaceSafe(TM) from SuperGen, Inc. for a total maximum consideration of US$34 million inclusive of approximately US$14 million upfront at signing. The remaining payments are contingent on key events and product performance. The transaction is subject to customary closing conditions.
Nipent® is a treatment approved for patients with hairy cell leukemia and SurfaceSafe(TM) is a two step, towelette system to decontaminate surfaces where chemotherapy is mixed or administered.
Commenting on the acquisition today, Mayne Pharma's Chief Executive Officer and Managing Director Dr. Thierry Soursac said, "A key element of Mayne Pharma's new strategy, presented last month, is to acquire niche marketed or close-to-market proprietary products that strengthen our oncology focus and leverage our development, manufacturing and marketing capabilities. The addition of Nipent®, therefore, fits our strategy perfectly, building on our core oncology capability, particularly in the important US market. In addition, since Nipent® is a proprietary product, this transaction will raise Mayne Pharma's profile with key customers and opinion leaders, further strengthening our position."
Dr. James S. Manuso, President and Chief Executive Officer of SuperGen, commented, "We are encouraged by Mayne Pharma's commitment to the oncology market and the continuing development of the Nipent® franchise. The added financial strength this transaction affords will further enable SuperGen to rapidly develop and commercialize our targeted therapeutics."
Under the terms of the proposed transaction, Mayne Pharma will acquire all product rights, patents, registrations, trademarks, inventories and relevant supplier and customer contracts related to Nipent® in North America and SurfaceSafe(TM). The parties are working towards executing additional agreements for the acquisition of mitomycin, a cytotoxic cancer therapeutic, for the US market as well as any SuperGen rights to these products outside of the United States.
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 March 31, 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.
For further information about Mayne Pharma, please contact:
Jihad Manai Andrew Rowe
Corporate Communications and Public Affairs Investor Relations
Mayne Pharma Mayne Pharma
+44 7920 454 228 +44 7920 598 353
For further information about SuperGen, please contact:
Timothy L. Enns Sharon Weinstein
SuperGen, Inc. Noonan Russo
Tel: (925) 560-0100 x111 Tel: (212) 845-4271
E-mail: tenns@SuperGen.com E-mail: firstname.lastname@example.org
Source: SuperGen, Inc.