Eusa Pharma, Inc. has entered into a definitive agreement to acquire all the outstanding shares of Cytogen Corp. for $22.6 million cash. Cytogen has three oncology and pain control products on the U.S. market, a specialized oncology sales force, and an established commercial infrastructure.
"The acquisition of Cytogen is of great strategic importance for Eusa as it completes the building of our transatlantic commercialization infrastructure, as well as fitting perfectly with our focus on oncology and pain control," said Bryan Morton, chief executive of Eusa Pharma. "Over the last 18 months Eusa has built a strong European organization covering over 20 countries and marketing a portfolio of six specialty pharmaceuticals. Cytogen's products and U.S. infrastructure are the ideal complement to our business, offering us the opportunity to commercialize a rapidly growing portfolio of medicines on both sides of the Atlantic."
Rolf Stahel, chairman of Eusa Pharma, said, "The acquisition of Cytogen marks a step change in the growth of Eusa and completes the foundations of a world-class specialty pharmaceutical company. This transaction will transform our business, putting in place a truly transatlantic growth platform, and positioning the company as the partner of choice for future acquisitions and specialty product in-licensing."
Cytogen's marketed products include: Caphosol, a calcium phosphate rinse for the treatment of oral mucositis, a common side-effect of radiation therapy and high-dose chemotherapy, and for the treatment of xerostomia; ProstaScint, a monoclonal antibody-based agent used to show the extent and spread of prostate cancer; and Quadramet, a radiopharmaceutical for the treatment of pain in patients whose cancer has spread to the bones.
Following the acquisition, Eusa will have a portfolio of nine marketed medicines and five late-stage products. The acquisition of Cytogen also provides Eusa with the capabilities to commercialize some of these medicines in both the U.S. and Europe.