The long-term financial boost Reliant Pharmaceuticals Inc. sought when it filed for an IPO earlier this year has been achieved via another route, with an agreement for GlaxoSmithKline to purchase the company for $1.65 billion.
The privately held specialty pharma that is focused on the cardiovascular market brings four marketed products to GSK, the largest being U.S. rights to Lovaza (omega-3-acid ethyl esters), a treatment for adult patients with very high levels (greater than or equal to 500 mg/dL) of triglycerides. Reliant in-licensed Lovaza (then called Omacor) from Pronova BioPharma ASA, of Oslo, Norway, which continues to supply the product's primary material. Reliant holds Lovaza rights in the U.S. and Puerto Rico, and several other companies hold rights in other parts of the world.
In the nine months ending Sept. 30, Reliant reported net sales of $206 million for Lovaza, a 115 percent increase over the first nine months of 2006.
In addition to Lovaza, the Liberty Corner, N.J-based Reliant markets three other in-licensed cardiovascular products - high blood pressure treatments DynaCirc CR (isradipine) and InnoPran XL (propranolol HCl), and Rythmol SR (propafenone), which treats arrhythmia.
Through Sept. 30, the company reported net sales of $341 million in the prior nine months, an increase of 62 percent over the comparable time period a year earlier.