AEterna Zentaris Closes Sale of Cetrotide(R) Royalty Stream for $52.5 Million to Cowen Healthcare Royalty Partners
December 03 2008 - 7:30AM
PR Newswire (US)
All amounts are in U.S. dollars QUEBEC CITY, Dec. 3
/PRNewswire-FirstCall/ -- AEterna Zentaris Inc. (NASDAQ: AEZS; TSX:
AEZ), a global biopharmaceutical company focused on endocrine
therapy and oncology, announces that it has completed the
transaction under the previously announced purchase and sale
agreement with Cowen Healthcare Royalty Partners, L.P. ("CHRP")
relating to AEterna Zentaris' rights to royalties on future sales
of Cetrotide(R) covered by its license agreement with Merck Serono.
AEterna Zentaris received $52.5 million from CHRP at closing, less
certain transaction costs. Under the terms of the agreement with
CHRP, AEterna Zentaris would receive an additional payment of $2.5
million from CHRP contingent on 2010 net sales of Cetrotide(R)
reaching a specified level. About Cetrotide(R) (cetrorelix)
Cetrotide(R) (cetrorelix) was the first luteinizing
hormone-releasing hormone (LHRH) antagonist treatment approved for
in vitro fertilization. It is administered to women to prevent
premature ovulation in order to increase fertility success rate.
Developed in cooperation with Medicine Nobel-Prize winner,
Professor Andrew Schally of Veterans Affairs, Miami, Florida, it
was launched in Europe in 1999 and in the United States in 2001.
Cetrotide(R) is currently marketed worldwide by Merck Serono,
except for Japan where it is marketed by Nippon Kayaku and
Shionogi. Cetrorelix is also currently in a Phase 3 program in
benign prostatic hyperplasia involving 1,500 patients in North
America and Europe. First results are expected in Q3 2009 with an
NDA filing to follow in 2010 and potential launch in 2011. About
Cowen Healthcare Royalty Partners Cowen Healthcare Royalty Partners
("CHRP") is a global healthcare private equity firm with over $500
million in capital under management. The firm invests principally
in commercial-stage biopharmaceutical and medical device companies
and products, through the purchase of royalty or Synthetic
Royalty(SM) interests, debt and equity. CHRP's investment team has
over 90 years of healthcare related experience including principal
investing, structured finance, healthcare industry senior
management, Wall Street research and consulting, scientific and
clinical experience. For more information, please visit
http://www.cowenroyalty.com/. About AEterna Zentaris Inc. AEterna
Zentaris Inc. is a global biopharmaceutical company focused on
endocrine therapy and oncology, with proven expertise in drug
discovery, development and commercialization. News releases and
additional information are available at http://www.aezsinc.com/.
Forward-Looking Statements This press release contains
forward-looking statements made pursuant to the safe harbor
provisions of the U.S. Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which could cause the Company's actual results to
differ materially from those in the forward-looking statements.
Such risks and uncertainties include, among others, the
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, the ability
of the Company to take advantage of business opportunities in the
pharmaceutical industry, uncertainties related to the regulatory
process and general changes in economic conditions. Investors
should consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statements. Investors are cautioned not to rely on these
forward-looking statements. The Company does not undertake to
update these forward-looking statements. We disclaim any obligation
to update any such factors or to publicly announce the result of
any revisions to any of the forward-looking statements contained
herein to reflect future results, events or developments except if
we are requested by a governmental authority or applicable law.
DATASOURCE: AETERNA ZENTARIS INC. CONTACT: Investor Relations:
Ginette Vallieres, Investor Relations Coordinator, (418) 652-8525
ext. 265, ; Media Relations: Paul Burroughs, Director of
Communications, (418) 652-8525 ext. 406,
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