Salix to acquire Oceana operating subsidiary

10th November 2011 (Last Updated November 10th, 2011 18:30)

Oceana Therapeutics has signed a definitive agreement for the sale of its operating subsidiary to Salix Pharmaceuticals for $300m.

Oceana Therapeutics has signed a definitive agreement for the sale of its operating subsidiary to Salix Pharmaceuticals for $300m.

Oceana Business Development executive vice-president Gregory Stokes said the sale is expected to benefit both companies, as well as physicians and patients, through the integration of Oceana's commercial assets, Deflux and Solesta, with Salix's gastroenterology treatments.

The US Food and Drug Administration (FDA) approved and CE marked Deflux is intended for the treatment of vesicoureteral reflux, an anatomical bladder defect afflicting children.

Solesta, a biocompatible tissue bulking agent, is used as a non-surgical treatment for fecal incontinence.

The transaction is expected to close by the end of 2011, subject to routine closing conditions, including Hart-Scott-Rodino antitrust approval.