Oscient Pharmaceuticals, a biopharmaceutical company, has completed its acquisition of the US rights to the cardiovascular product Antara 130 mg (fenofibrate) capsules from Reliant Pharmaceuticals.

Antara is part of the $22 billion US market for treating dyslipidemias, which includes the $1 billion fenofibrate market. Antara will be commercialized by Oscient's national sales force beginning later this week.

"With the addition of Antara, we are executing a key part of our business strategy by acquiring a primary care product well-suited for commercialization by our sales team," stated Steven M Rauscher, president and CEO. "The market for treating dyslipidemias continues to grow rapidly, with the fenofibrate segment of the market demonstrating average annual growth of 30 per cent over the last three years. Combined with the continued success of our flagship antibiotic, Factive (gemifloxacin mesylate) tablets, Antara will further our growth as a commercial-stage biopharmaceutical company."

Antara is indicated as an adjunct treatment for hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. Clinical studies have shown that Antara along with a healthy diet is effective in reducing triglycerides and increasing HDL-C (high density lipoprotein-cholesterol) levels. In the 12 months ended June 2006, Antara generated approximately $35 million in revenue.

Oscient has made a payment of $78 million to Reliant for US rights to Antara, plus a purchase of approximately $4 million in existing inventory. Oscient Pharmaceuticals has also finalized its agreement with Paul Capital Partners' Paul Royalty Fund II, LP (Paul Royalty) a leading, international healthcare investment fund, to provide $70 million of financing for this product acquisition.

Coincident with closing the acquisition and the financing, Gregory Brown, M.D., Partner, Paul Capital Partners, has joined the Company's Board of Directors. Dr. Brown's background includes over two decades of clinical, operating and healthcare investment experience. Previously, Dr. Brown worked at Adams, Harkness & Hill, where he served as the co-head of investment banking, and at Vector Securities International. Before receiving his business degree, Dr. Brown was a practicing thoracic and vascular surgeon. He earned his MBA from Harvard Business School, his MD from SUNY Upstate Medical Center, and his AB from Yale College.

"Greg shares our vision of growth for Oscient and when this opportunity arose, his enthusiasm for the product acquisition was instrumental in successfully executing the transaction," added Rauscher. "Recognized as one of the leaders in financing the growth of the biopharmaceutical industry, with his valuable Wall Street and medical experience, Greg will provide a unique perspective for our management team as we continue to build our company."