Daiichi Sankyo sells 8 cardiovascular drugs to South Plainfield-based pharmaceutical company
Cosette Pharmaceuticals is taking a step towards diversification which it hopes will be a launching pad for future expansion and growth of its portfolio.
On Tuesday, the South Plainfield-based specialty pharmaceutical company said it purchased the U.S. sales and distribution rights to eight cardiovascular drugs from Daiichi Sankyo.
Daiichi Sankyo’s US headquarters are in Basking Ridge.
The agreement provides for a 30-month transition period during which Daiichi Sankyo and Cosette Pharmaceuticals will transfer manufacturing, supply and commercialization responsibilities for these products, including quality assurance, pharmacovigilance and regulatory issues.
“This transformative acquisition represents a significant expansion and diversification of Cosette’s portfolio and business,” said Apurva Saraf, CEO and President of Cosette. “We look forward to building on this transaction and successfully acquiring and integrating significant product portfolios in the future, and continuing to make these essential medicines available to patients and prescribers.”
Cosette was created in 2018 when private equity investor Avista Capital Partners purchased the dermatology business of G&W Laboratories. It currently includes more than 45 products.
Daiichi Sankyo said he plans to focus more on oncology. The best-known drugs Cosette wins in the deal are former blockbusters Benicar, a beta-blocker drug for high blood pressure, and Welchol, a cholesterol treatment. Others include Azor, Tribenzor and Effient, all of which were approved over a decade ago.
“As part of our 2030 vision to become a Top 10 Global Oncology Leader, we are changing our structure to focus on our U.S. oncology portfolio, while ensuring that these legacy medicines continue to be available to patients who depend on it,” said Ken Keller, CEO and President of Daiichi Sankyo. “We are proud and grateful for the efforts of our teams at Daiichi Sankyo for their dedication to patients and their providers and look forward to a smooth transition with Cosette.”
According to IQVIA, annual sales in the United States for the acquired products for the 12 months ended November 2021 were approximately $123 million. No financial details will be disclosed.
Morgan Lewis & Bockius LLP served as legal advisor and BofA Securities served as exclusive financial advisor to Cosette Pharmaceuticals. Goldman Sachs & Co. LLC served as exclusive financial advisor to Daiichi Sankyo.