Pediapharm Inc. Acquires Naproxen Suspension from Hoffmann-La Roche Limited
NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Pediapharm Inc.
TSX VENTURE SYMBOL: PDP
JULY 2, 2014
Pediapharm Inc. Acquires Naproxen Suspension from Hoffmann-La Roche Limited
This acquisition of the Canadian regulatory dossier and product rights for the
only approved naproxen suspension in Canada affirms Pediapharm's commitment to
rapidly expand its portfolio of pediatric specialty products.
TORONTO, ONTARIO and MONTREAL, QUEBEC--(Marketwired - July 2, 2014) - NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
Pediapharm Inc. ("Pediapharm") (TSX VENTURE:PDP) and Hoffmann-La
Roche Limited ("Roche") announced today they have entered into an
asset purchase agreement regarding the Canadian rights to Roche's naproxen
suspension. Roche will retain the Naprosyn(TM) trademark and retains all
product rights to the other oral dosage forms under this brand.
This product in its suspension form is only available under prescription (Rx)
and is indicated for the treatment of osteoarthritis, rheumatoid arthritis,
ankylosing spondylitis, and juvenile rheumatoid arthritis. Due to the
significant unmet medical need, it will be reintroduced to the market as
Pediapharm naproxen suspension.
It is also indicated for the relief of minor aches and pains in muscles, bones
and joints, mild to moderate pain accompanied by inflammation in
musculoskeletal injuries (sprains and strains) and primary dysmenorrhea.
The product is primarily used for juvenile rheumatoid arthritis (JRA) in
children 2 years or older due to its more flexible dose titration based on the
child's weight. It is the only available liquid form of naproxen on the
Canadian market. It is estimated that there are over 6,000 children presently
living with arthritis in Canada.
"Roche is pleased to be working with Pediapharm to ensure this important
medication will remain available in Canada for the treatment of conditions like
juvenile rheumatoid arthritis," said Richard Wright, Vice President Sales
and Marketing Specialty Care, Roche Canada. "Roche has a long history in
developing treatments for rheumatoid arthritis and other auto-immune diseases,
and this collaboration builds on our commitment to meet the needs of
At the same time, Roche and Pediapharm are working to establish a temporary
special access to a similar liquid product. The companies will inform the
medical community about this possibility in the near future.
"Naproxen helps treat the pain of juvenile arthritis; however, children
can have difficulty swallowing pills, and liquid naproxen provides another way
to administer this treatment to them," said Dr. Rosie Scuccimarri,
representative of the pediatric committee of the Canadian Rheumatology
Association (CRA). "The CRA is pleased that Roche Canada and Pediapharm
have collaborated to ensure that this important treatment will continue to be
available to patients who require a liquid form of naproxen," said past
president Dr.Carter Thorne.
"Given the importance of providing formulations adapted for pediatric
dosing, both companies have been seeking a short-term solution to reintroduce
the product on the market. We are confident that in the interim, we will be
able to work with the regulatory authorities to provide a short-term treatment
option to patients that absolutely require a liquid formulation", said
Benoit Hebert, Pediapharm's Vice President of Business Development and
Licensing. "The speed at which this project has materialized into a
beneficial transaction for both parties is yet another example of the expertise
"This transaction is Pediapharm's first product acquisition and we
feel there is significant growth potential for this product in the oral liquid
NSAID market estimated to exceed 8M$, considering that the total Canadian
prescription NSAID market is valued at more than 76 M$. I am very proud of this
achievement as it highlights Pediapharm's determination to support the
pediatric community and finding solutions to their unmet medical needs. It
further demonstrates our deal-making ability. We believe it paves the way for
more product acquisitions in the near future," said Sylvain Chretien,
President and Chief Executive Officer of Pediapharm Inc. "We expect this
transaction to rapidly impact favorably our revenues as we re-launch the
Pediapharm intends to make the naproxen suspension available again within the
next 8 months.
About Hoffmann-La Roche Limited
Headquartered in Basel, Switzerland, Roche is a leader in research-focused
healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is
the world's largest biotech company, with truly differentiated medicines
in oncology, infectious diseases, inflammation, metabolism and neuroscience.
Roche is also the world leader in in vitro diagnostics and tissue-based cancer
diagnostics, and a frontrunner in diabetes management. Roche's
personalized healthcare strategy aims at providing medicines and diagnostic
tools that enable tangible improvements in the health, quality of life and
survival of patients. In 2012 Roche had over 82,000 employees worldwide and
invested over 8 billion Swiss francs in R&D. The Group posted sales of 45.5
billion Swiss francs. Genentech, in the United States, is a wholly owned member
of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical,
Japan. For more information, please visit www.roche.com.
Naprosyn(TM) is a trademark of Hoffmann-La Roche Limited.
About the Canadian Rheumatology Association
The Canadian Rheumatology Association (CRA) is the national professional
association for Canadian rheumatologists.
The mission of the CRA is to represent Canadian Rheumatologists and promote the
pursuit of excellence in Arthritis Care, Education and Research. The CRA,
re-established in 1993, in its current iteration, has organizational roots
reaching back to the Canadian Rheumatic Disease Association (1936) and Canadian
Rheumatism Association (1946). The goals of the association include advancing
professional camaraderie, research and training to improve the health of
Canadians with rheumatic diseases. Today, the CRA comprises over 500 members
throughout all 10 provinces and territories.
Since its inception, the CRA has promoted and advanced the field of
rheumatology by organizing networking, training and education opportunities for
clinicians, students, allied health professionals and researchers. More
recently the CRA has become involved in the promotion and coordination of
funding for important rheumatology research (CIORA).
The CRA's vision is to improve the care and quality of life of patients
suffering from rheumatic conditions. According to a Health Canada study, an
estimated 1 in 6 Canadians has some type of arthritis; two thirds of affected
Canadians are under the age of 65 years. Arthritis and rheumatic diseases not
only have a profound effect on patient quality of life, but also accounts for
an estimated $33 billion burden on Canadians.
About Pediapharm Inc.
Pediapharm is the only Canadian specialty pharmaceutical company dedicated to
serving the needs of the pediatric community. Its mission is to bring to the
Canadian market the latest innovative pediatric products with the objective to
improve the health and the well-being of children in Canada. Since its debut in
2008, Pediapharm has entered into numerous commercial agreements with partners
from Canada and other countries around the world.
FORWARD LOOKING STATEMENTS FOR PEDIAPHARM
This news release contains forward-looking statements and other statements that
are not historical. Such forward-looking statements are subject to known and
unknown risks, uncertainties and assumptions that could cause actual results to
vary materially from target results and the results or events predicted in
these forward-looking statements. As a result, investors are cautioned not to
place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of
the date of this release. Except as required by applicable law, the Corporation
disclaims any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Forward-looking information reflects the current
expectations or belief of the Corporation based on information currently
available and such information is subject to a number of assumptions, risks and
uncertainties described in details at pp. 35 to 41 of the Management
Information Circular of Chelsea Acquisition Corporation dated November 12, 2013
available on SEDAR at www.sedar.com and other risks associated with being a
specialty pharmaceutical company.
For more information about Pediapharm or its products, please visit
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hoffmann-La Roche Limited
Manager, Corporate Relations
Canadian Rheumatology Association
12-16715 Yonge Street, Suite 244
Newmarket, ON L3X 1X4
President and Chief Executive Officer
+1-514-762-2626 ext. 201
Chief Financial Officer
+1-514-762-2626 ext. 202
Relations Publiques Paradox Public Relations Inc.
INDUSTRY: Medical and Healthcare - Medical Devices
-0- Jul/02/2014 11:30 GMT
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