September 24, 2010 | by Novartis International AG
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September 24, 2010, Novartis announced today that it has signed an agreement to sell to Warner Chilcott plc the US rights to market Enablex®* (darifenacin) extended release tablets, a medicine to treat adults with symptoms of overactive bladder. The agreement will be filed with the US Federal Trade Commission under the Hart-Scott-Rodino Act and, subject to certain closing conditions set forth in the agreement, the transaction is expected to close by the end of October 2010.
Novartis will receive an upfront payment of USD 400 million from Warner Chilcott, with the potential for additional milestone payments up to USD 20 million. Novartis retains the rights to darifenacin worldwide except in the US. Warner Chilcott expects to assume manufacturing of Enablex for the US once it is transferred to Warner Chilcott's manufacturing facility.
In 2005, Novartis signed an agreement with Procter & Gamble Pharmaceuticals (PGP) to co- promote and co-develop Enablex in the US. In October 2009, Warner Chilcott acquired PGP from Procter & Gamble Company and became Novartis collaborator in the agreement. Under the terms of the deal announced today, Warner Chilcott assumes rights to solely promote and develop Enablex for the US.
Enablex was approved in the US by the US Food and Drug Administration in 2004 for the treatment of overactive bladder and launched in early 2005.
Contact:
Irina Ferluga
Novartis Pharma Communications
T.: 061 324 2422
M.: 079 824 1121
E.: irina.ferluga@novartis.com
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Source: Novartis International AG, Press release