Retrophin, Inc. (NASDAQ: RTRX) today announced that it has signed an
agreement to acquire Manchester Pharmaceuticals® LLC, a privately-held
specialty pharmaceutical company that focuses on treatments for rare
diseases. Under the terms of the agreement, Retrophin will pay a total
of $62.5 million, including an upfront payment of $29.5 million, plus
royalties based on product sales. The transaction is expected to close
by March 1, 2014.
Manchester markets two drugs that have been approved by the U.S. Food
and Drug Administration. Chenodal® (chenodeoxycholic acid -- a synthetic
bile acid also known as chenodiol) is indicated for patients suffering
from gallstones in whom surgery poses an unacceptable health risk due to
disease or advanced age. Vecamyl® (mecamylamine HCI tablets) is
indicated for the management of moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension.
Chenodeoxycholic acid is also the standard of care for cerebrotendinous
xanthomatosis (CTX), a rare inborn error of cholesterol metabolism that
often causes chronic diarrhea in infants and cataracts in childhood or
adolescence and ultimately neurodegeneration caused by formation of
fatty yellow nodules (xanthomas) in the brain. If untreated, the disease
can cause severe intellectual disability and death. The FDA granted
chenodiol orphan designation for CTX in March 2010. Chenodal is the only
FDA-approved chenodeoxycholic acid and is only used for CTX.
“We are delighted to have the opportunity to help patients with CTX, an
underdiagnosed and deadly disease,” said Martin Shkreli, Founder and
Chief Executive Officer of Retrophin. “Almost all patients have
avoidable permanent neurological damage, underscoring the need for
earlier diagnosis. We also intend to move quickly to pursue FDA approval
of Chenodal for CTX.”
Providing revenue guidance for the first time, Retrophin expects 2014
revenues to be in the range of $10 million to $12 million, and 2015
revenues in the range of $19 million to $21 million.
Conference Call Information
Retrophin will host a conference call and webcast (with slides) tomorrow
morning, Thursday, February 13, at 8:30 a.m. ET, to discuss the
acquisition of Manchester Pharmaceuticals. To participate in the
conference call, dial 1-855-219-9219 (U.S.) or 1-315-625-6891
(International), confirmation code 25838792, shortly before 8:30 a.m.
The audio webcast and slides can be accessed at www.retrophin.com,
in the Events and Presentations section. A replay of the call will be
available February 13, 2014 11:30 a.m. ET to February 27, 2014 11:59
p.m. ET. The replay number is 1-855-859-2056 (U.S.) or 1-404-537-3406
(International), confirmation code 25838792.
About Manchester Pharmaceuticals
Manchester Pharmaceuticals, a privately-held specialty pharmaceutical
company, is focused on the identification, development, and
commercialization of therapeutic modalities to address the special needs
of patients with ultra-rare diseases. Manchester markets Chenodal®
(chenodiol tablets) and Vecamyl® (mecamylamine tablets) in the U.S.
Manchester’s founders and management have extensive combined experience
in the rare disease market. For additional information, please visit www.manchesterpharma.com.
About Retrophin
Retrophin is a pharmaceutical company focused on the development,
acquisition and commercialization of drugs for the treatment of serious,
catastrophic or rare diseases for which there are currently no viable
options for patients. The Company's pipeline includes compounds for
several catastrophic diseases, including focal segmental
glomerulosclerosis (FSGS), pantothenate kinase-associated
neurodegeneration (PKAN), schizophrenia, autism, infantile spasms,
nephrotic syndrome and others. Retrophin intends to reintroduce
Syntocinon Nasal Spray in the U.S. to assist initial postpartum milk
ejection. For additional information, please visit www.retrophin.com.
Forward-Looking Statements
This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995,
regarding the research, development and commercialization of
pharmaceutical products. Without limiting the foregoing, these
statements are often identified by the words "may", "might", "believes",
"thinks", "anticipates", "plans", "expects", "intends" or similar
expressions. In addition, expressions of our strategies, intentions or
plans are also forward-looking statements. Such forward-looking
statements are based on current expectations and involve inherent risks
and uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking statement can
be guaranteed. Forward-looking statements in the press release should be
evaluated together with the many uncertainties that affect the Company's
business. You are cautioned not to place undue reliance on these
forward-looking statements as there are important factors that could
cause actual results to differ materially from those in forward-looking
statements, many of which are beyond our control. The Company undertakes
no obligation to publicly update any forward-looking statement, whether
as a result of new information, future events, or otherwise. Investors
are referred to the full discussion of risks and uncertainties as
included in the Company's filings with the Securities and Exchange
Commission.
Copyright Business Wire 2014