Cadence Pharmaceuticals – CADX – Announces Termination of Option Agreement to Acquire Incline Therapeutics
Cadence Pharmaceuticals, Inc. (Nasdaq: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, announced that it has entered into an agreement to terminate its exclusive option to acquire privately-held Incline Therapeutics, Inc., or Incline.
Under the waiver, consent and option termination agreement signed by Cadence and Incline, upon the closing of the proposed acquisition of Incline by The Medicines Company (Nasdaq: MDCO), Cadence would receive a payment of approximately $13 million to buy-out Cadence’s interest in, and terminate Cadence’s rights with respect to, the option agreement. Additionally, Cadence would receive approximately $1.5 million related to the purchase by The Medicines Company of the shares of Incline common stock held by Cadence, subject to adjustment, and, potentially, a pro rata share of future milestone payments. The acquisition of Incline by The Medicines Company is subject to the satisfaction or waiver of customary closing conditions, and is currently expected to close in January, 2013.
“The sale of our Incline option provides Cadence with non-dilutive capital and a solid return on our original investment,” said Ted Schroeder, President and CEO of Cadence. “We’re excited about the continued growth in sales of OFIRMEV, and believe that today’s announcement provides us with further flexibility to focus on other drivers of near term revenue growth.”
About Cadence Pharmaceuticals, Inc. – CADX
Cadence Pharmaceuticals (CADX) is a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting. CADX focuses on the development and commercialization of therapeutics utilized primarily in the hospital setting. CADX’s initial focus is on hospital-use anti-infectives. Acetavance is an intravenous formulation of acetaminophen that is currently marketed in Europe for the treatment of acute pain and fever.
About OFIRMEV® (Acetaminophen) Injection
OFIRMEV (acetaminophen) injection (1000 mg / 100 mL, 10 mg / mL; for intravenous use only), Cadence Pharmaceuticals’ proprietary intravenous formulation of acetaminophen, is indicated for the management of mild to moderate pain, the management of moderate to severe pain with adjunctive opioid analgesics, and the reduction of fever. The FDA approval of OFIRMEV was based on data from clinical trials in approximately 1,020 adult and 355 pediatric patients. These trials included two studies evaluating the safety and effectiveness of OFIRMEV in the treatment of pain, and one study evaluating OFIRMEV in the treatment of fever. The effectiveness of OFIRMEV for the treatment of acute pain and fever has not been studied in pediatric patients less than 2 years of age.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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