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Daiichi Sankyo Pharmaceuticals announced today that it has sold the U.
S.
rights to eight cardiovascular drugs to New Jersey-based Cosette Pharmaceuticals
.
The move is part of Daiichi Sankyo's five-year mid-term strategy to transform the company's structure to one that is primarily focused on proprietary medicines, with an emphasis on oncology investment portfolios, with a vision to become oncology by 2030 The world's top 10 leaders in the field of science
Cosette is a manufacturer of dermatological products with high-quality production facilities for the manufacture of various pharmaceutical dosage forms such as suppositories, creams, ointments, liquids and gels, and is active in the field of dermatology and the treatment of allergic diseases R&D pipeline
.
Currently, the company is gearing up to diversify
Cosette was formed in 2018 when Avista Capital Partners (Avista), a private equity firm focused on growth healthcare businesses, acquired G&W Dermatology, the dermatology business unit of G&W Lab, and formed Cosette
.
The company manufactures dermatology products at plants in Lincolnton, North Carolina and South Plainfield, New Jersey
"This is a transformational move that splits the company's business into two distinct areas," Cosette CEO Apurva Saraf said in an interview
.
The branded drug Cosette gets in the deal is aging and subject to generic competition
.
Best known are the former best-sellers Benicar (a beta-blocker blood pressure drug) and Welchol (a cholesterol-lowering drug)
During a 30-month transition period, Daiichi Sankyo will transfer the manufacturing, supply and commercialization of the product to Cosette
.
Apurva Saraf said: "We will strengthen our commercial team as this is a new line of business
Daiichi Sankyo, Japan's second-largest pharmaceutical company, is divesting some assets as it sees more lucrative opportunities in developing cancer treatments
.
Ken Keller, CEO of Daiichi Sankyo, said in a press release: "As part of our vision to be a top ten global oncology leader by 2030, we are changing our structure to focus on our U.
S.
on the oncology portfolio, while ensuring that these traditional medicines continue to be available to the patients who depend on them
.
”
Before losing patent protection in 2016, Benicar's sales reached $2.
6 billion and accounted for nearly a quarter of Daiichi Sankyo's revenue
.
In 2017, the first three agreed to pay $300 million to settle 2,300 lawsuits involving gastrointestinal side effects of its cardiovascular drugs, including Benicar, Azor and Tribenzor
Daiichi Sankyo's actions are similar to AstraZeneca's actions two months ago
.
At the time, AstraZeneca sold veteran respiratory drugs Eklira and Duaklir to Covis Pharma for $270 million
For Cosette, taking over the deal for Daiichi Sankyo's eight cardiovascular drugs will be a springboard for its inward and outward development in the business
.
Apurva Saraf said: “This transaction provides us with a commercial platform, a footprint, and now access to more complex portfolio-like products based on these assets
.
Our plan is not to simply acquire established products
.
The next phase will be is a new product that is patent protected and commercialized
.
Reference: Daiichi Sankyo relinquishes rights to 8 cardio drugs to Cosette
Reference: Daiichi Sankyo relinquishes rights to 8 cardio drugs to Cosette
