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RALEIGH, N.C. — Salix Pharmaceuticals Ltd. plans to acquire Oceana Therapeutics Inc. for $300 million in cash.
Under the acquisition agreement announced this week, Salix will purchase all of the outstanding stock of Oceana, a global provider of gastroenterology and urology therapeutics. The deal is expected to close in December, pending approvals.
"The acquisition of Oceana expands our product portfolio of innovative products, furthers the diversification of Salix’s base business and provides immediate added revenue," Carolyn Logan, president and chief executive officer fo Salix.
Logan noted that Oceana markets two differentiated products: SOLESTA, a first-in-class, biocompatible tissue bulking agent for the treatment of fecal incontinence, and DEFLUX, the only FDA-approved alternative to major ureteral reimplantation surgery for the treatment of vesicoureteral reflux.
"SOLESTA is the only nonsurgical FDA-approved treatment for fecal incontinence in adult patients who fail conservative therapy. Fecal incontinence is a significant unmet medical need that affects approximately 15% of people in the United States over the age of 50 and is the leading reason for admission to assisted living facilities in the United States. For patients who have not responded to conservative therapy, SOLESTA, an injectable gel containing dextranomer microspheres and hyaluronic acid, may serve as a much-welcomed solution that does not involve surgery and can be performed without anesthesia," according to Logan. "We believe our specialty sales force, calling on gastroenterologists and colorectal surgeons, should be able to maximize the commercial potential of this asset."
DEFLUX is indicated for children affected by vesicoureteral reflux, a malformation of the urinary bladder that can result in severe infections of the kidneys and irreversible kidney damage. "DEFLUX has been on the market in the United States since 2001. We look forward to adding DEFLUX to the line of products sold by our institutional sales force," Logan stated.
