Sepracor to change name to Sunovion Pharmaceuticals

Jul 15 2010

Sepracor Inc. (Sepracor) and Dainippon Sumitomo Pharma Co., Ltd. (DSP), an Osaka, Japan-based pharmaceutical company, announced today the intent to change the Sepracor name to Sunovion Pharmaceuticals Inc. in the United States. DSP acquired Sepracor in October 2009 and the name change is planned to occur in anticipation of the one-year anniversary of the acquisition. Sepracor intends to begin officially operating as Sunovion Pharmaceuticals Inc. before the end of 2010.

“Sepracor became a subsidiary of DSP in October 2009. The post-merger integration progressed very smoothly and was completed earlier than expected”

In April 2010, Dainippon Sumitomo Pharma America, Inc. (DSPA), based in Fort Lee, New Jersey, merged into Sepracor, consolidating DSP's North American operations and facilitating the efforts related to the launch preparations of lurasidone, the company's highly-anticipated atypical antipsychotic, which is being developed for the treatment of schizophrenia. The new drug application (NDA) for lurasidone was submitted to the U.S. Food and Drug Administration (FDA) in December 2009 and the FDA's review of the application is ongoing.

"Sepracor became a subsidiary of DSP in October 2009. The post-merger integration progressed very smoothly and was completed earlier than expected," said Masayo Tada, President and Chief Executive Officer of Dainippon Sumitomo Pharma Co., Ltd. "Therefore, in April 2010, we merged DSPA, our other U.S. subsidiary, with and into Sepracor. In order to foster a sense of unity for our combined U.S. operations, we have decided that we will change its name. Moreover, we intend to expand the Sunovion brand in certain strategic international locations."

As Sunovion Pharmaceuticals Inc., Sepracor will retain its corporate headquarters in Marlborough, Massachusetts. The company will maintain its commercial function for all brands including LUNESTA^®, XOPENEX^®, XOPENEX HFA^®, BROVANA^®, OMNARIS^® and ALVESCO^® in Massachusetts while its strong R&D operations will be located in both Fort Lee, New Jersey and Massachusetts.

"The past year has been one of tremendous change and growth for Sepracor as we have become a key part of the DSP organization," said Mark Iwicki, President and Chief Operating Officer of Sepracor Inc. "Building on the merger with DSPA, we have the exciting opportunity to deliver increased R&D capabilities that come from combining our two organizations, leverage our commercial excellence, and expand our global presence. We look forward to achieving these goals as we anticipate the formal name change to Sunovion Pharmaceuticals Inc. later this year."