The agreement was announced Jan. 5. Amneal said the acquisition expands its commercial institutional and specialty portfolio in neurology and adds commercial infrastructure in advance of its entry into the biosimilar institutional market.
Under the terms of the transaction, Amneal will also pay certain royalties based on annual net sales for certain acquired products.
The transaction is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing conditions.
Baclofen is a skeletal muscle relaxant used to treat muscle spasms caused by conditions including spinal cord injury and multiple sclerosis. According to the agreement announcement, Lioresal is an intrathecal baclofen product delivered through an implantable intrathecal pump for use in the management of severe spasticity of cerebral or spinal origin for the institutional market. It has approximately $25 million in annual net revenue.
“This acquisition is highly aligned with Amneal’s long-term growth strategy adding to our specialty and biosimilars businesses. In specialty, we see LYVISPAHTM fitting well with our neurology portfolio and pipeline. In addition, Lioresal is a durable product with a long-established presence in the institutional market that we look to leverage as we prepare to commercialize our biosimilars in 2022 and beyond,” said Chirag and Chintu Patel, co-chief executive officers at Anmeal.
Morgan Lewis & Bockius LLP served as legal counsel to Amneal. SVB Leerink served as exclusive financial advisor and Mayer Brown LLP served as legal counsel to Saol Therapeutics.[/vc_column_text][/vc_column][/vc_row]
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