Cosmo announces amendment of licensing agreement with Santarus in the event
merger of Santarus with Salix is consummated
Lainate, Italy - November 8, 2013 - Cosmo Pharmaceuticals, (SIX:COPN),
announces today that in connection with the announced merger agreement of
November 7, 2013 between Salix Pharmaceuticals, Ltd. and Santarus, Inc., Salix
and Santarus entered into an agreement with Cosmo restructuring certain
aspects of Santarus' relationship with Cosmo existing under the license
agreement of December 10, 2008.
Under the terms of the agreement, and only upon closing of Salix's acquisition
of Santarus, which is expected to take place in the first quarter of 2014:
Santarus shall return to Cosmo all rights to Rifamycin SV MMX® acquired by
Santarus under the license agreement and all regulatory approvals, filings
and study data relating to the product.
All further Uceris® milestones shall be paid in cash.
Cosmo holds 2'991'044 SNTS shares. Salix intends to launch a tender offer to
all shareholders of Santarus for USD 32 per share.
Mauro Ajani, Chairman and CEO of Cosmo commented: "We trust that the excellent
relationship we built up with Santarus will continue under Salix and are
convinced that this transaction further enhances the market potential of
Uceris®. We congratulate both parties for this important deal".
For more information on the proposed merger of Santarus and Salix see
About Cosmo Pharmaceuticals
Cosmo is a speciality pharmaceutical company that aims to become a global
leader in the field of optimized therapies for selected Gastrointestinal and
topically treated Skin Disorders. The company's proprietary clinical
development pipeline specifically addresses innovative treatments for colonic
inflammatory and infective diseases. In addition, the Company is developing a
diagnostic for the detection of colon cancer and a new chemical entity in the
dermatogical area for the topical treatment of Acne, Alopecia and Hirsutism.
Cosmo's first product in the market is Lialda®/Mezavant®/Mesavancol®, a
treatment for mild to moderate Ulcerative Colitis that is licensed globally to
Giuliani and Shire. Cosmo's second product is Uceris®/Cortiment(TM), a steroid
without the typical side effects of systemic steroids, that is indicated for
Ulcerative Colitis patients and is licensed globally to Santarus and Ferring.
Cosmo's proprietary MMX® technology is at the core of the Company's product
pipeline and was developed from its expertise in formulating and manufacturing
gastrointestinal drugs for international clients at its GMP (Good
Manufacturing Practice) facilities in Lainate, Italy. The technology is
designed to deliver active ingredients in a targeted manner in the lower part
of intestines. For further information on Cosmo, please visit the Company's
Contact: Cosmo Pharmaceuticals S.p.A.
Dr. Chris Tanner, CFO and Head of Investor Relations
Tel: +39 02 9333 7614
Some of the information contained in this press release contains
forward-looking statements. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ materially
from those in the forward-looking statements as a result of various factors.
Cosmo undertakes no obligation to publicly update or revise any
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