Inyx, Inc., a specialty pharmaceutical company focused on niche drug delivery technologies and products, has signed a definitive agreement to acquire six eye-care products from Advanced Medical Optics, Inc. (AMO). The acquisition is expected to close around August 31, 2006.
Inyx will assign all the business and marketing rights on these over-the-counter (OTC) products to its wholly owned marketing subsidiary, Exaeris, Inc., and the products will be distributed under the auspices of Exaeris on a worldwide basis - expanding Exaeris into the global non-prescription OTC pharmaceutical sector, an Inyx press release stated.
"These are single-purpose, market-proven safe products," said Jack Kachkar, M.D., chairman and CEO of Inyx. "In fact, some of the products are one of the few preservative-free solutions in their markets. "All six are high-margin products that will be very earnings accretive to Exaeris and, in turn, to Inyx," he added.
As part of the acquisition, Exaeris will be taking over established customer relationships with leading mass merchandisers, grocers and drug wholesalers in the United States as well as licensed distribution channels in Europe, the Middle East and Asia-Pacific markets. "These are very important relationships that we will utilize for other products that we acquire or co-market," said Dr. Kachkar.
Under the acquisition, moreover, Inyx will be acquiring the rights to the Lens Plus trade name, which is a global brand that the company intends to use for other products it acquires, according to Dr. Kachkar.
The products being acquired and their geographic marketing areas are: Lens Plus Aerosol - a preservative-free, sterile saline solution - marketed in the United States, Canada, Europe/Middle East and Asia-Pacific; Lens Plus Rewetter Drops - a preservative-free, sterile saline solution - marketed in the United States; Lens Plus Daily Cleaner - a sterile, gentle cleaner for soft contact lenses - marketed in the United States; LC-65 Daily Contact Lens Cleaner - a sterile, gentle but efficient cleaner for gas permeable, hard and soft contact lenses - marketed in the United States, Europe/Middle East and Asia-Pacific; Hydrocare Fizzy tablets - an effervescent, enzymatic cleaner in tablet form - marketed in the United States, Europe/Middle East and Asia-Pacific; Total Solution - a sterile cleaning and wetting solution for hard contact lenses - marketed in Europe and Middle East.
"One of the other benefits of this acquisition is that most of these products can also be produced in-house at Inyx, which should further enhance their profit margins as well as increase capacity utilization and, in turn, profitability of Inyx's manufacturing business," said Dr. Kachkar.
As part of the transaction, Inyx will be acquiring AMO's interest in the intellectual property associated with the acquired products, including all trademarks and trade names and service marks (excluding all "Advanced Medical Optics" and "AMO" marks), copyrights and copyright registrations, and the manufacturing formulae, specifications, processes, artwork, proprietary molds and similar equipment and know-how used solely related to the products. Under the acquisition agreement, Inyx also has "first right of refusal" over the next year to acquire several additional, complementary eye-care products that AMO may divest in the future.