(Source: PRNewswire-FirstCall)
CARY, N.C., July 13 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq CM: CRTX), a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets, today announced that it has signed a definitive asset purchase agreement with Oscient Pharmaceuticals Corporation (Nasdaq CM: OSCI) to acquire the commercial rights to the antibiotic Factive (gemifloxacin mesylate) in North America and certain countries in Europe. The completion of the acquisition is subject to customary closing conditions, approval of the United States Bankruptcy Court for the District of Massachusetts, where Oscient filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code on July 13, 2009 and the conduct of a Bankruptcy Court supervised auction process in which Oscient will seek competing bids to achieve the highest price possible for the FACTIVE assets.. Pursuant to the agreement, it is anticipated that the auction process will be completed and the Bankruptcy Court will render its decision within the next sixty days
Factive is a fluoroquinolone antibiotic approved for the treatment of acute bacterial exacerbations of chronic bronchitis (ABECB) and community-acquired pneumonia of mild to moderate severity (CAP). According to Wolters Kluwer Health, a third-party provider of prescription data, in 2008, the U.S. oral solid fluoroquinolone market generated approximately 39 million prescriptions. According to a Datamonitor report, there is an increased trend in prescribing the fluoroquinolone class, even as first line empiric treatment, due to the atypical strains associated with ABECB and CAP. Factive was launched in the U.S. in September of 2004 and is the only fluoroquinolone approved in the U.S. for the five-day treatment of both ABECB and CAP. Approximately 1.1 million prescriptions have been dispensed for Factive since its launch. In 2008, Factive generated approximately $16 million in net revenues. Factive has composition of matter patent protection which extends into 2018, longer than the composition of matter patent protection for any currently marketed fluoroquinolone or other antibiotic widely used to treat respiratory tract infections.
"This transaction is reflective of our strategy to acquire, develop and commercialize prescription products for the respiratory market," said Craig Collard, President and CEO of Cornerstone. "Factive is a high-quality, patent-protected product with strong brand recognition. We believe that this product fits well within our existing portfolio and that our respiratory-focused sales force will be able to drive prescription growth of Factive in the U.S. market. Moreover, we remain positioned to evaluate additional drugs to add to our growing portfolio of products."
It is estimated that chronic bronchitis affects approximately 9 million adults in the U.S. Patients with chronic bronchitis are prone to frequent exacerbations, characterized by increased cough and other symptoms of respiratory distress. Longitudinal studies have estimated that 1 to 4 exacerbations occur each year in patients with chronic bronchitis. Exacerbations are estimated to account for approximately 12 million physician visits per year in the U.S.
