Press Releases
December 4, 2003
Xanodyne Pharmacal and Integrity Pharmaceutical Corporation to Merge
For Immediate Release
XANODYNE PHARMACAL AND INTEGRITY PHARMACEUTICAL CORPORATION TO MERGE
-- Combination Creates Strong, Fully Integrated Specialty Pharma Company --
FLORENCE, KY. – December 4, 2003 – Xanodyne™ Pharmacal, Inc. announced today it will join forces with Indianapolis-based Integrity® Pharmaceutical Corporation, creating a product development and marketing company with significant growth potential. The new company will focus on the specialty medicine fields of pain management, bleeding disorders, urology and women’s health. The new entity, with some 150 employees, will operate as Xanodyne Pharmaceuticals, Inc. and be headquartered in Florence, KY, in the greater Cincinnati, Ohio area.
Xanodyne Pharmacal and Integrity Pharmaceutical were both founded and launched by the Union Springs, LLC, private-equity group, which focuses exclusively on investments in the life-sciences sector. Roger D. Griggs, Chairman of Union Springs, will continue in his role as Chairman of the Board, providing strategic counsel to the new integrated company.
“Each organization brings its unique strengths to the new enterprise,” said Stefan Antonsson, President, Xanodyne Pharmaceuticals. “Xanodyne offers an experienced, targeted specialty sales force, a strong product development capability and an extensive pipeline of products. Integrity contributes a proven sales force, manufacturing capability and a respected presence in urology and women’s health. Both companies have strong, complementary management teams and commercial capabilities. Both companies are generating increased sales from a diversified portfolio of marketed products which, when combined, create the critical mass to substantially accelerate our future growth,” he added.
In addition to higher revenues, Xanodyne Pharmaceuticals benefits from greater sales and marketing muscle enabling the new company to launch new products more effectively. The combined company will have an extensive drug development pipeline with plans to launch a number of new products in the short and mid term. The company also plans to initiate several large clinical studies to support innovative products at earlier stages of development.
“Integrity sought to build a competitive advantage through its pharmaceutical products in obstetrics/gynecology and urology,” notes Terri Pascarelli, president of Integrity, who is charged with leading the integration of the two companies. “The combination of Xanodyne and Integrity forms a powerful competitive force in the therapeutic areas of pain management, bleeding disorders, urologic concerns and women’s health. “
“This merger best positions our people, products and pipeline for success,” said Mr. Antonsson. “It will enable us to move compounds seamlessly from development to production and, with enhanced marketing and sales capacity, quickly to the physician community. It improves corporate agility and the ability to more rapidly convert product innovation into patient solutions,” he added.
Xanodyne Pharmaceuticals, Inc. is a privately owned, fully integrated, branded specialty pharmaceutical company focusing on innovative products in the therapeutic areas of pain management, bleeding disorders, urology and women’s health. The company, located in the greater Cincinnati area, has a nationwide sales force and currently markets numerous pharmaceutical products including Amicar®, DexAlone®, Lucidex®, Duet™ by StuartNatal®, Duet™ DHA by StuartNatal®, Stuart Prenatal®, and Urimax®. Xanodyne also has a number of novel new products under development.
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