$35.7 million agreement combines expertise and passion of two leading-edge specialty pharmaceutical companies
Louisville, KY (August 13, 2010) – US WorldMeds, LLC, a Kentucky-based specialty pharmaceutical company that develops unique products to address unmet medical needs, today announced it has acquired Solstice Neurosciences, Inc. for $35.7 million. The acquisition expands US WorldMeds’ operations, adds to the company’s growing portfolio of products and enhances the company’s ability to create and deliver high-quality specialty pharmaceutical products to its targeted global markets.
“By acquiring Solstice Neurosciences, US WorldMeds is bringing together the knowledge, passion and innovative spirit of two leading-edge companies,” said P. Breckinridge “Breck” Jones, CEO of US WorldMeds. “US WorldMeds is dedicated to leveraging our scientific expertise to develop novel specialty pharmaceuticals that make a difference in patients’ lives. I am confident this merger will lead to powerful new innovations and accelerate growth opportunities for our combined company.”
Solstice Neurosciences is a specialty biopharmaceutical company headquartered in Malvern, PA with a production and manufacturing facility in San Francisco. The combined company, which will operate as US WorldMeds, will be headquartered in Louisville with Jones as CEO. In conjunction with the Solstice merger, US WorldMeds announced the promotions of H. Lee Warren to Chief Operating Officer and Robert (Bob) Melhorn to Vice President Operations. In addition, US WorldMeds expects to add up to 30 new employees by the end of 2010, including sales staff across the U.S. and corporate staff in Louisville.
The acquisition immediately expands US WorldMeds’ product portfolio with the addition of Solstice’s premiere product, which is sold as MYOBLOC® (rimabotulinumtoxinB) Injection Solution in the U.S. and NeuroBloc® (Botulinum Toxin Type B) Injectable Solution in select overseas markets. Myobloc is indicated for the treatment of adults with cervical dystonia to reduce the severity of abnormal head position and neck pain associated with cervical dystonia. Units of biological activity of MYOBLOC cannot be compared to or converted into units of any other botulinum toxin products. MYOBLOC remains the only type B botulinum toxin approved for use in the world.
Other products in US WorldMeds’ product portfolio include Revonto™, a fast-reconstituting form of Dantrolene Sodium for Injection for the treatment of malignant hyperthermia, and Lofexidine, a non-narcotic treatment in late-stage development for acute opiate withdrawal symptoms.
MTS Securities, LLC, an affiliate of MTS Health Partners, L.P., served as the advisor to Solstice Neurosciences in the transaction.
About US WorldMeds
US WorldMeds is a Kentucky-based specialty pharmaceutical company that develops, licenses and commercializes unique medical therapies that address unmet patient needs. US WorldMeds’ products include novel treatments for malignant hyperthermia, cervical dystonia and symptoms of opiate withdrawal.