Cipher Pharmaceuticals acquires INNOCUTIS Holdings, licensee of Sitavig® in the USA
Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), an innovative company specializing in the development of orphan oncology drugs, today announced Cipher Pharmaceuticals’ (NASDAQ: CPHR) acquisition of INNOCUTIS Holdings LLC, the licensee of Sitavig® in the USA.
Cipher Pharmaceuticals (“Cipher”) is a rapidly growing specialty pharmaceutical dermatology company with a goal of becoming the most customer-centric dermatology company in North America. As a major step in their growth strategy, this acquisition provides Cipher with a commercial infrastructure and a talented sales team for the USA. Cipher has the size, strength and ability as a company to fully drive Sitavig®’s potential, maximizing the product’s prospective of becoming a breakthrough treatment for herpes labialis.
“We are positive that this acquisition will further strengthen Sitavig®’s position. Supported by already trained teams and benefitting from increased means, this transaction will leverage Sitavig®’s commercial potential, clearly established as the leading product of Cipher’s dermatology portfolio in the USA”, said Judith Greciet, CEO of Onxeo.
“This acquisition represents an important step towards our goal of creating a leading North American dermatology business. We see excellent opportunity to drive increased sales and profitability by growing INNOCUTIS’ current branded prescription drugs, led by Sitavig®”, said Shawn O’Brien, President and CEO of Cipher. “We are delighted to pursue the partnership with Onxeo’s team which has shown constant support and high efficiency since early 2014”.