Amitav Pharma announced it has purchased all the patent rights on the Ibuprofen brand from Amags Pharmacia Inc. for $2.7 billion, with a $2 million option to buy all the remaining patents for the drug from Amagi, which acquired the rights in October 2016.
Amagi will be Amag’s exclusive international drug development company and will continue to develop the product for the global market, Amitav said.
The deal is expected to close in March 2021.
The Amagi drug is used for treating inflammatory and chronic pain, including arthritis and chronic obstructive pulmonary disease.
Amag is an independent pharmaceutical company that manufactures drugs for the United States and Canada.
In addition to its acquisition of patents for ibupropfen, Amitv also has the right to license all the existing patents on other drugs from Amaginas patents.
“As Amag has developed this new and innovative drug for the treatment of chronic pain for over 10 years, we are pleased to be acquiring these intellectual properties to further expand our ability to deliver quality, innovative, and cost-effective medical products,” said Amitav CEO and President, Dr. Amit Kumar.
Amitav has been pursuing multiple other drugs to treat chronic pain since acquiring Amagi’s patent portfolio in December 2016.
This deal is the latest in a series of acquisitions by the company as it looks to improve its drug development efforts and increase its global market share.
Amalgamates Ibupropen and Nuvigil are currently available in Canada and in the United Kingdom, with further international releases expected.
The company plans to make its Ibuprapen available in the US in the first quarter of 2021, with Nuvigands treatment for Crohn’s disease and ulcerative colitis expected to begin in the second quarter of 2020.
Amaginates Ibogaine and Nuxalk will also be available in 2019.
For more information on the Amag acquisition, please visit: http://www.amagpharm.com/News/NewsArticle.aspx?
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