Sepracor Inc. on Friday announced a restructuring planintended to divide its various developmental technologies intoindividual, specialized entities.
As a result, Sepracor has formed two new companies. BiosepraInc. will take over Sepracor's bioprocessing activities, andHemaSure Inc. will develop blood-related products based onthe company's viral inactivation and separation technologies.
Sepracor and the two new companies will remain inMarlborough, Mass. Sepracor estimated that it will incur a one-time charge of $2.5 million in the fourth quarter of 1993associated with reorganizational costs. The new companies areentirely independent and will be responsible for their ownfinancing, Robert Bratzler, Sepracor's executive vice presidentand general manager, told BioWorld. The companies maychoose in the future to raise capital through public offerings ofstock.
Bratzler said that the new organizational structure would offerthe Sepracor family several advantages. In addition to assuringthat the individual technological specialties receive "all the duemanagement attention they deserve," he said the new structurewould give investors greater flexibility in backing only thetechnologies that interest them most.
William Rich, formerly senior vice president and generalmanager of Sepracor's Bioprocess Division, will be the presidentand chief executive officer of Biosepra.The new company willtake on the design, manufacture, marketing and sales ofbioseparation and purification systems used in the commercial-scale manufacture of biopharmaceuticals. The company'smission will be to supply the biopharmaceutical industry with"products and services that provide seamless scale-upcapabilities from research through commercial-scale productionof biopharmaceuticals," Sepracor said.
Eugene Zurlo, the new president and CEO of HemaSure, waspreviously executive vice president and chief operating officerof the New York Blood Center. HemaSure will develop viraldeactivation and blood separation technologies licensed fromSepracor. Bratzler explained that these consist of a membrane-based product currently in preclinical development thatseparates virus-laden white blood cells from other cells, and adevelopmental chemistry-based technology for thedeactivation of viruses in whole blood.
Sepracor itself will concentrate on the development of single-isomer versions of existing drugs and on the production ofchiral drugs, drug intermediates and bulk generic compounds.
Last week the company announced the purchase of a drugmanufacturing facility in Nova Scotia.
Sepracor's stock was down 13 cents a share on Friday, closingat $7.25.
-- Karl A. Thiel Associate Editor
(c) 1997 American Health Consultants. All rights reserved.