Solvay Picks Up Tricor Franchise Through Acquisition Of Fournier Pharma
This article was originally published in The Pink Sheet Daily
Executive Summary
Fournier's co-marketing agreement with Abbott for the lipid-lowering product will remain unchanged following Solvay's €1.3 bil. acquisition of the French company. Solvay will build a new cardio-metabolic division from Fournier, to be headquartered in Paris.
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Solvay plans to continue working with Abbott on the Tricor franchise in the U.S. after acquiring Fournier Pharma. Brussels-based Solvay announced a €1.3 bil. ($1.68 bil.) deal to acquire the private French company Fournier March 24. The deal provides for additional milestone payments of up to €300 mil. ($388 mil.). Fenofibrate, sold in the U.S. by Abbott as Tricor, is Fournier's largest product, representing two-thirds of the company's revenues ($500 mil. out of $770 mil.). The agreement with Abbott will remain unchanged after the acquisition, Solvay said. The Fournier acquisition will expand Solvay's cardiovascular and metabolic disorders franchise; the new Solvay cardio-metabolic sector will be headquartered in Paris. In the U.S., Solvay markets the ACE inhibitor antihypertensive Aceon (perindopril). Despite generic competition, Solvay is projecting strong growth for Tricor, with plans for U.S. sales to exceed $1 bil. in 2006. Tricor 2004 U.S. sales were $779 mil. Tricor is approved for treatment of hypercholesterolemia and hypertriglyceridemia. Fenofibrate is available in generic capsule form and as Reliant's Antara , approved under the 505(b)(2) pathway (1 (Also see "Reliant's Antara Launch Set For First Quarter, Omacor Will Be Later" - Pink Sheet, 11 Jan, 2005.)). Tricor is marketed in tablet form. Solvay will take over Fournier's role in developing Tricor line extensions. Abbott and Fournier are working on combination formulations, including with a statin and with a diabetes agent. The deal will expand Solvay's global pharmaceutical business by about a third. Solvay recorded €1.7 bil. ($2.2 bil.) in global pharma sales in 2004. Solvay's U.S. products include the hormone therapy EstroGel (estradiol gel) and the benzodiazepine Klonopin wafer (orally disintegrating clonazepam). The company withdrew its obsessive compulsive disorder agent Luvox (fluvoxamine) from the U.S. market in 2002 because of manufacturing compliance and recordkeeping issues. Solvay's NDA for the irritable bowel syndrome therapy cilansetron is pending with a user fee deadline of April 1 (2 (Also see "Solvay Expects Advisory Cmte. Review For Irritable Bowel Agent Cilansetron" - Pink Sheet, 20 Dec, 2004.)). Abbott will expand Solvay's network of large pharma partners. The company has development deals with Bristol-Myers Squibb (for Solvay's obesity agent SLV319) and Wyeth (for Solvay's Phase III atypical antipsychotic bifeprunox and mental health compounds SLV310, SLV313, and SLV314) (3 (Also see "Bristol Has Appetite For Obesity: Firm To License Solvay Phase I Cannabinoid Antagonist" - Pink Sheet, 17 May, 2004.)). Solvay expects the Fournier acquisition to close this summer. - Elizabeth Walker |