Nipent Acquisition by Hospira is Complete
DUBLIN, Calif., April 03, 2007 /PRNewswire-FirstCall/ -- SuperGen Inc. today announced that it closed on the sale of the remaining worldwide rights for Nipent(R) (pentostatin for injection) to Mayne Pharma, which was acquired in February 2007 by Hospira, for a total consideration of US$8 million. SuperGen received an initial up-front payment of US$3.75 million as a condition of the closing.
The balance of the purchase price is guaranteed and payable over a five- year period on the anniversary of the closing date, except for US$1.25 million that SuperGen will receive when contractual conditions are met.
This transaction complements the previously reported sale of the North American rights to Mayne Pharma. Both transactions taken together complete our sale of all rights to Nipent. Total consideration from both transactions could total US$42 million.
Nipent(R) is approved for patients with hairy-cell leukaemia.
Based in Dublin, Calif., SuperGen is a pharmaceutical company dedicated to the discovery, acquisition, rapid development and commercialization of therapies for solid tumors and hematological malignancies. SuperGen is developing a number of therapeutic anticancer products focused on inhibitors of aurora-A, tyrosine kinase and DNA methyltransferase. For more information about SuperGen, please visit http://www.supergen.com.
This news release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause actual results to differ materially from the results discussed in these statements. Factors that might cause the company's results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the ability to conclude negotiations on the sale of Nipent, the achievement of royalties or milestones from the Dacogen licensure, and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission including its most recently filed Form 10-Q and 10-K. SuperGen Inc. undertakes no duty to update any of these forward- looking statements to conform them to actual results.
Contacts: SuperGen Timothy L. Enns S.V.P., Corporate Communications (925) 560-0100 x111 Noonan Russo Greg Geissman Director of Media Relations & Business Development email@example.com firstname.lastname@example.org
CONTACT: Timothy L. Enns S.V.P., Corporate Communications of SuperGen,+1-925-560-0100 x111, or ; or Greg Geissman, Director ofMedia Relations & Business Development of Noonan Russo, +1-858-646-3058, or email@example.com firstname.lastname@example.org
Web site: http://www.supergen.com/
Ticker Symbol: (NASDAQ-NMS:SUPG)
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Posted: April 2007