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Enzon to sell specialty pharmaceutical business to Sigma-Tau

Posted on: Wed, 11 Nov 2009 09:52:00 EST

Symbols: ENZN

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Nov 11, 2009 (Datamonitor via COMTEX) --
ENZN | Quote | Chart | News | PowerRating -- Enzon Pharmaceuticals has entered into a definitive agreement to sell its specialty pharmaceutical business to the Sigma-Tau Group for $300 million plus an additional amount of up to $27 million based on success milestones.

Enzon will also receive royalties of 5% to 10% on incremental net sales above a 2009 baseline amount from Enzon's four marketed specialty pharmaceutical products through 2014.

Enzon's specialty pharmaceutical business includes four marketed products: Oncaspar, Adagen, DepoCyt, and Abelcet, as well as the manufacturing facility in Indianapolis, Indiana which will be purchased by a US subsidiary of Sigma-Tau Pharmaceuticals (Maryland). Sigma-Tau Pharmaceuticals will distribute the products in the US market.

After the sale of these assets, Enzon's businesses will consist of its royalties, Peg SN38 and its Locked Nucleic Acid and PEG technology platforms. The transaction is expected to be completed during the first quarter of 2010.

Claudio Cavazza, president of Sigma-Tau, said: "Through the acquisition of Enzon's specialty pharmaceutical business, we will increase our presence in the field of rare diseases with products of great value which are the result of an outstanding research activity. Sigma-Tau is determined to continue Enzon's excellent work, especially in the field of rare diseases which is a particularly stimulating one as it aims at tackling life-threatening conditions which all too often affect the very young."

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