Navigation Links
Verus Pharmaceuticals Announces Divestiture of Pediatric GI Development Program to Meritage Pharma
Date:6/16/2008

Spin-out of Program Allows Verus to Focus Solely on AstraZeneca

Collaboration

SAN DIEGO, June 16 /PRNewswire/ -- Verus Pharmaceuticals, Inc., a pediatric-oriented specialty pharmaceutical company, announced today that Meritage Pharma, Inc., a newly formed specialty pharmaceutical company, has acquired its pediatric gastrointestinal development program. Included in the transaction are the rights to a novel formulation of an existing molecule intended to treat an emerging allergic inflammation condition of the gastrointestinal tract.

Under the terms of the agreement, Verus is to receive an upfront payment and will retain a minority equity stake in the newly formed company. No further terms have been disclosed. Selected members of the existing Verus management team will form the management team at Meritage Pharma.

"We are excited to have completed this transaction with Meritage Pharma, a company with an extensive knowledge of the development program and a strong management team," said Robert W. Keith, President and Chief Executive Officer of Verus. "This transaction, in combination with the recent divestiture of our anaphylaxis franchise to Sciele, allows us to focus all of our efforts on the successful execution of our ongoing asthma development collaboration with AstraZeneca and the associated $280 million potential earn-out payment."

"Meritage Pharma is proud to acquire this exciting development program as our initial product candidate and is eager to leverage the prior efforts of Verus to address an emerging condition," said Dr. Elaine M. Phillips, President and Chief Executive Officer of Meritage Pharma.

About Verus

Verus Pharmaceuticals is dedicated to improving the lives of children and those who care for them. Verus is building a portfolio of products for the unmet medical needs of children through acquisitions and alliances, with an initial focus on the treatment of asthma, allergies, and related diseases and conditions. Verus is differentiated by its pediatric orientation and its strong financial position and experienced management team, which allows the company to capitalize on an extensive network to build its product portfolio and pursue complementary transactions. The company's rigorous, disciplined approach to strategic decision-making and core competencies in development and commercialization is expected to provide significant value to its partners. More information about Verus is available on the company's corporate website at http://www.veruspharm.com.

Verus(R) is a registered trademark of Verus Pharmaceuticals, Inc.

Forward-Looking Statements

Verus Pharmaceuticals cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Verus that any of its plans will be achieved. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in Verus' business including, without limitation, statements about: its ability to identify appropriate acquisition, licensing, or co-development and/or promotion candidates in the future or be able to take advantage of the opportunities it identifies; difficulties or delays in developing, obtaining regulatory approval, manufacturing and commercializing its products; unexpected performance or side effects of its products that could delay or prevent development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; competition from other pharmaceutical companies; and its ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and Verus undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

Company Contact:

Robert W. Keith

President and Chief Executive Officer

Verus Pharmaceuticals, Inc.

rkeith@veruspharm.com

858-436-1615


'/>"/>
SOURCE Verus Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Overuse of Opioids, Barbiturates Boosts Chronic Migraine Risk
2. ReachMD and VerusMed Broadcast Medical Conference Coverage on XM Satellite Radio
3. Verus Pharmaceuticals Announces Promotion of Robert W. Keith to Chief Executive Officer
4. Verus Pharmaceuticals Announces Divestiture of Pediatric Asthma Development Programs to AstraZeneca
5. Synovics Pharmaceuticals forms a Strategic Joint Venture with Maneesh Pharmaceuticals
6. Alseres Pharmaceuticals, Inc.s Chairman, Peter Savas, Reviews Companys Progress in its Annual Letter to Stockholders
7. Jazz Pharmaceuticals Announces Development Timeline Updates
8. GlaxoSmithKline Acquires Sirtris Pharmaceuticals, Inc., a World Leader in Sirtuin Research and Development
9. Renhuang Pharmaceuticals, Inc. Holds Trade Show for Tianma Pills; Signs Letters of Intent
10. Indevus Pharmaceuticals Provides Update on NEBIDO(R) NDA Status
11. MAP Pharmaceuticals to Present at the Goldman Sachs Twenty-Ninth Annual Global Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/27/2017)... ... April 27, 2017 , ... The ... Rewards, and Recognition: A Nudge Guide," a groundbreaking analysis of how behavioral economics ... takeaways to apply immediately to IRR programs, the report highlights proven behavioral economics ...
(Date:4/27/2017)... ... April 27, 2017 , ... Last night, Christine Collins ... the Year for her extraordinary compassion and lifelong dedication to serve others. Since ... caregivers for the prestigious award each year – identifying a CAREGiver who has ...
(Date:4/27/2017)... ... , ... Are you investing in the safety of your friends and family? ... summer. While most of us assume this type of accident will never happen to ... are taking the time to learn how to respond effectively or prevent these accidents ...
(Date:4/26/2017)... (PRWEB) , ... April 26, 2017 , ... Journal ... adults. It can have severe consequences to overall dental health, including complications with speech, ... often turn to dental implants to replace lost teeth. As the number of tooth ...
(Date:4/26/2017)... ... April 26, 2017 , ... Elisabete Miranda, president and ... by Enterprising Women magazine as one of its 2017 Enterprising Women of the ... Winners have demonstrated that they have fast-growth businesses, mentor or actively support other ...
Breaking Medicine News(10 mins):
(Date:4/20/2017)... , April 20, 2017 Eyevensys, ... the first non-viral gene expression technology that enables the ... eye to address a wide range of ophthalmic diseases, ... and Healthcare products Regulatory Agency (MHRA) to advance its ... ...
(Date:4/19/2017)... 19, 2017 The Mobile X-Ray product segment is ... CAGR during the forecast period Mobile X-Ray segment ... digital mobile X-Ray devices market, which is estimated to be ... at a CAGR of 7% over the forecast period. Mobile ... more than US$ 100 Mn in 2017 over 2016. The ...
(Date:4/19/2017)... April 19, 2017 The Global Effective ... to 2022 report has covered and analysed the potential of ... on market size, shares and growth factors. The report identifies ... and opportunities in the global market. ... Browse 152 Tables and Figures, 6 Major Company ...
Breaking Medicine Technology: