Jazz Pharmaceuticals (NASDAQ: JAZZ) today announced a definitive agreement to sell its women's health business, which includes six products, to Meda (an international specialty pharmaceutical company) for $95 million in cash.
The products included in the sale are Elestrin® (estradiol gel), Gastrocrom®(cromolyn sodium, USP), Natelle® One (prenatal vitamin), AVC™ Cream (sulfanilamide), Gesticare® DHA (prenatal multi-vitamin) and Urelle® (urinary antiseptic). Net sales for these products in 2011 totaled $30.4 million. As part of the transaction, Meda will offer positions to approximately 60 Jazz Pharmaceuticals employees who directly support these products.
"This transaction is consistent with our strategy of concentrating our efforts on our core products in highly focused markets. We believe that Meda will provide an excellent environment for the women's health team to continue to execute and grow this business within an organization that has an expanding commercial presence serving the women's health area," stated Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals.
Transaction Closing and Accounting
The closing of the transaction is subject to the satisfaction of customary closing conditions and regulatory approvals, including antitrust approvals. The transaction is not subject to approval by Jazz Pharmaceuticals' shareholders. The transaction
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