Addrenex Pharmaceuticals Acquired by Sciele Pharma
Durham-based Addrenex Pharmaceuticals, a specialty pharmaceutical company that develops and commercializes drugs to treat adrenergic dysregulation, has reached an agreement to be acquired by Sciele Pharma, Inc.
The total value of the deal is approximately $29 million to acquire the outstanding shares of Addrenex, excluding those previously owned by Sciele. This follows Addrenex’s significant progress developing a robust pipeline of drugs over the past three years.
"Sciele has been a valuable partner and catalyst for the success of Addrenex," said Addrenex Chief Executive Officer Moise Khayrallah, PhD. “Our initial business plan called for bringing innovative drugs to market and enabling our investors to achieve a positive return. I am proud to say that we have achieved our goals through this acquisition."
Sciele previously licensed three products from Addrenex, including Clonicel for attention deficit hyperactivity disorder (ADHD) and Jenloga XR (once-daily clonidine) for hypertension. The supplemental New Drug Application (sNDA) for Clonicel was filed with the U.S. Food and Drug Administration (FDA) in October 2009.
Addrenex has been a CED member since 2006. In that year company CEO, Moise Khayrallah, PhD., participated in CED’s FastTrac® TechVenture™. In 2007, Khayrallah presented the company to investors at CED’s Venture conference. However, it was support from the North Carolina Biotechnology Center, including $160,000 in loans that provided Addrenex with the financing to complete manufacturing of its original compound and begin clinical trials.
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