PARSIPPANY, N.J., Nov. 19, 2012 /PRNewswire/ -- Validus Pharmaceuticals together with Wood Creek Capital Management, LLC announced today the acquisition of the U.S. rights to six well-known product lines from Novartis Pharmaceuticals Corporation (NPC): Lopressor® (metoprolol tartrate USP) but excluding Lopressor (metoprolol tartrate) Injection, Lopressor® HCT (metoprolol tartrate USP + hydrochlorothiazide USP), Lotensin® (benazepril HCl), Lotensin HCT® (benazepril HCl + hydrochlorothiazide USP), Parlodel® (bromocriptine mesylate USP) and Methergine® (methylergonovine maleate).
Wood Creek Capital Management acquired the NPC products on August 29, 2012 through a new company, US Pharmaceuticals Holdings I LLC. Validus Pharmaceuticals will serve as the exclusive manager for the ex-NPC lines. These products present Validus with opportunities to generate sales in several new therapeutic markets and represent a significant growth catalyst for the company.
"The management and marketing of these significant new product lines fulfills a major step in Validus Pharmaceuticals' strategic plan for continued growth," commented James Hunter, Validus CEO. "The company's life-cycle plan had called for the timely expansion of product offerings beyond our successful Central Nervous System and Renal product lines. Adding these Novartis-developed medications immediately enables Validus to serve additional large and growing markets, particularly Cardiovascular Health."
"The acquisition of U.S. rights to these Novartis Pharmaceuticals Corporation products illustrates our belief in and commitment to the mature branded pharmaceuticals market," says Brett Hellerman, Wood Creek CEO. "This is another in a series of successful transactions completed with large pharmaceutical companies that demonstrates we are good deal partners. We are excited about the potential for our strategy."
As manufacturing of these products transitions to Validus, the company is working rapidly in order to assure both physicians and patients of a continued product supply under their label. Validus will be communicating directly with distributors and prescribing physicians regarding the availability of all these products.
About Validus Pharmaceuticals
Validus Pharmaceuticals LLC is a Parsippany, New Jersey-based specialty pharmaceutical company focused on the acquisition, reformulation, and marketing of FDA-approved prescription products that satisfy unmet clinical needs. To fulfill this mission, Validus seeks out and acquires marketed products that have well established safety profiles as well as significant clinical benefits.
For additional information please visit www.validuspharma.com.
About Wood Creek Capital Management, LLC
Wood Creek Capital Management is an investment manager at the forefront of private assets investing. Headquartered in New Haven, CT Wood Creek has $930 million of committed capital under management as of June 30, 2012. Wood Creek is a leading investor in intangible assets including pharmaceutical brands.
For additional information please visit www.woodcreekcap.com.
SOURCE Validus Pharmaceuticals