Biovail Corporation has acquired United States marketing rights for Teveten (eprosartan mesylate) and Teveten HCT (eprosartan mesylate and hydrochlorothiazide combination) (the Products) from Solvay Pharmaceuticals Marketing & Licensing AG (Solvay Pharmaceuticals), an affiliate of Solvay, for approximately $94 million. Biovail forecasts that sales for Teveten and Teveten HCT will be in the range of $25 million in 2002. Solvay Pharmaceuticals will retain marketing rights to the product in the rest of the world.
Teveten is an angiotensin-II receptor blocker (ARB) for the treatment of hypertension and is indicated for use either alone or in conjunction with other antihypertensive medications. Teveten HCT, which includes a diuretic, was approved November 2001 by the U.S. Food and Drug Administration (FDA) and provides Biovail the opportunity to launch a new cardiovascular product into a market segment characterized by year over year growth in excess of 50%.
Under the terms of the agreement, Solvay Pharmaceuticals will manufacture and supply the Products with an option to transfer U.S. manufacturing to Biovail, in a phased in approach, upon receipt of the necessary regulatory approvals. Solvay Pharmaceuticals will continue to manufacture and market the Products in areas outside of the U.S. Biovail and Solvay Pharmaceuticals will form a joint business development committee to discuss future clinical and product development options that can enhance the performance or expand the utilization of the Products. Solvay Pharmaceuticals has the option to acquire all potential future modifications and innovations developed for the Products by Biovail for worldwide markets excluding the United States.
"The acquisition of the U.S. marketing rights to Teveten strengthens our cardiovascular product line and will allow us to further leverage our expanding sale force. Teveten is an excellent strategic fit with our Cardizem franchise as recognition is growing that multiple treatment options are an integral part of aggressively lowering blood pressure to goal, especially in patients with concomitant diseases such as diabetes. With Teveten, we enter one of the fastest growing segments of antihypertensives with a New Chemical Entity that has patents in place until 2011. Biovail will continue to develop and acquire Products to build franchises in targeted therapeutic areas of focus and further leverage its Primary Care sales force capabilities," commented by Eugene Melnyk, chairman of Biovail.
"This agreement between Solvay Pharmaceuticals Marketing and Licensing and Biovail will provide the resources needed to give Teveten increased focus in the U.S. and will allow the two companies to work together to optimize the Teveten brand globally," said Eric Verpoorte, vice president, business development, Solvay Pharmaceuticals Marketing & Licensing. "It will also allow Solvay Pharmaceuticals, Inc. to focus its primary care sales force on enhancing the development of our recently launched ACE inhibitor, Aceon (perindopril erbumine) tablets."