DUBLIN, Feb. 9, 2015 /PRNewswire/ -- Actavis plc (NYSE: ACT) today announced that it has entered into an agreement with Mayne Pharma, under which it will divest the U.S. rights to the Doryx® brand acne treatment and related assets to Mayne for approximately $50 million. The transaction is expected to close prior to the end of February. Under the terms of the agreement, Actavis will continue to package, distribute and actively promote the product for a transition period until May 2 following the close of the transaction.
"Actavis currently licenses and distributes Doryx® in the U.S. as part of our legacy Warner Chilcott partnership with Mayne, which is eligible to expire at the end of 2015," said William Meury, EVP Commercial, North American Brands. "By agreeing to return the product to Mayne now, we receive value for the asset and, following a brief transition period, will enable our sales and marketing teams to focus their time and attention on supporting the expanded, industry-leading Dermatology portfolio that will be part of our combined company following the acquisition of Allergan later this year. We are committed to investing in our expanded dermatology portfolio and in our R&D pipeline in this important category, and look forward to continuing to grow our business within Dermatology."
Doryx® (doxycycline hyclate delayed-release tablets) is a tetracycline-class antimicrobial indicated as adjunctive therapy for severe acne.
Actavis Plc (NYSE:ACT), headquartered in Dublin, Ireland, is a unique specialty pharmaceutical company focused on developing, manufacturing and commercializing high quality affordable generic and innovative branded pharmaceutical products for patients around the world.
Actavis markets a broad portfolio of branded and generic pharmaceuticals and develops innovative medicines for patients suffering from diseases principally in the central nervous system, gastroenterology, women's health, urology, cardiovascular, respiratory and anti-infective therapeutic categories. The Company is an industry leader in product research and development, with one of the broadest brand development pipelines in the pharmaceutical industry, and a leading position in the submission of generic product applications. Actavis has commercial operations in more than 60 countries and operates more than 30 manufacturing and distribution facilities around the world.
For more information, visit Actavis' website at www.actavis.com.
Actavis Forward-Looking Statement
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Actavis' current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Actavis disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Actavis' current expectations depending upon a number of factors affecting Actavis' business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Actavis' products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Actavis' periodic public filings with the Securities and Exchange Commission, including but not limited to Actavis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Except as expressly required by law, Actavis disclaims any intent or obligation to update these forward-looking statements.