SpePharm Holding acquires global rights to Savene from TopoTarget

Mar 4 2010

SpePharm Holding, BV today announced the acquisition of the worldwide (with the exception of North and South America) rights to Savene® from TopoTarget A/S (Copenhagen, Denmark). As part of the acquisition SpePharm will also take on the European sales force of TopoTarget. Savene®, which has been marketed by TopoTarget since its approval by the EMEA in July 2006, is the only approved product for the treatment of extravasations, or leakage out of the blood stream, of certain commonly used anticancer drugs known as anthracyclines. If not adequately and timely treated, such extravasations can lead to tissue necrosis that is sometimes of sufficient severity to require surgery including amputation.

“and we believe that this transaction not only provides us with additional capital to acquire new products but also provides important business development synergies for the future benefit of both companies.”

To complete this acquisition and to finance its further growth in Europe, SpePharm also announced the closing of a €7 million equity investment by its existing investors: TVM Capital, Signet Healthcare and Paul Capital Healthcare.

At the same time, SpePharm announced a €4 million secured convertible debenture from Paladin Labs, Inc. (Montreal, Canada). Concomitant with the funding provided by Paladin, SpePharm granted Paladin an exclusive license to Savene® for South Africa and Israel. The two companies will provide each other with reciprocal rights, in their respective geographies, that come from any future product acquisitions or licensing transactions. Given the strategic importance and broad nature of this relationship, Paladin will also be entitled to place a representative on the SpePharm Supervisory Board.

“We are extremely pleased to add Savene^® to our product portfolio and are confident SpePharm will continue to rapidly grow its sales as we integrate this medically important orphan drug product for the treatment of patients with anthracycline extravasations into our portfolio. Savene^®, together with the sales and marketing team of TopoTarget that will join us, will give SpePharm the opportunity to expand its commercial presence into several additional European countries and reinforce our position in hospital oncology departments throughout Europe”, said Jean-François Labbé, Managing Director and CEO of SpePharm.

“We are excited to see Paladin Labs become a strategic partner in SpePharm,” added Jean-François Labbé, “and we believe that this transaction not only provides us with additional capital to acquire new products but also provides important business development synergies for the future benefit of both companies.”