Sepracor completes Oryx acquisition
Sepracor Inc., a Marlborough pharmaceuticals company known for such drugs as the insomnia treatment Lunesta, announced today that it has completed the acquisition of Oryx Pharmaceuticals Inc., an affiliate of the Arrow Group.
Early last month, Sepracor said it would buy Oryx Pharmaceuticals Inc., a Canadian marketer of branded prescription drugs to doctors and hospitals, in a move to expand into the Canadian market.
Describing the terms of the sales agreement today, Sepracor said that Oryx's shareholders received $50 million, or about 2.5 times projected 2008 sales, and may become entitled to receive subsequent payments up to $20 million upon accomplishment of various Canadian regulatory milestones.
(By Chris Reidy, Globe staff)
