The acquisition is in the form of cash, payable at closing. The total value of the deal is approximately $29 million to acquire the outstanding shares of Addrenex, excluding those previously owned by Sciele.

Sciele has previously licensed three products from Addrenex - Clonicel for attention deficit hyperactivity disorder, and Jenloga XR (once-daily clonidine) for hypertension. The new drug application for Clonicel was filed with the FDA in October 2009. In addition, Sciele licensed rights to ADX-415 for the treatment of vasomotor systems and hypertension.

The acquisition of Addrenex will provide Sciele with two additional mid-stage development products and access to a large library of compounds in numerous therapeutic areas, including pain management, cardiovascular and dermatology, said Sciele.

Paul, Hastings, Janofsky & Walker served as Sciele's legal counsel and Hutchison Law Group and Leerink Swann served as Addrenex's advisors.

Patrick Fourteau, president and CEO of Sciele Pharma, said: "We are pleased to announce the acquisition of Addrenex, a company with which we established a partnership more than two years ago. Addrenex has an exciting development platform and several compounds that have the potential to further expand and diversify our product portfolio."

A service of YellowBrix, Inc.