Forest Laboratories FRX, an international pharmaceutical
company, and moksha8, a leader in the commercialization of CNS medicines in
Latin America, today announced that they have entered into a broad strategic
alliance that will provide Forest with a commercial footprint in Latin America
and give moksha8 access to Viibryd® and potentially other Forest products for
the Latin American market.
The alliance includes an exclusive license from Forest to moksha8 to
commercialize Viibryd®, and potentially other Forest products, in Latin
America. In addition, Forest will provide up to $125 million in financing to
moksha8 in several tranches over a two-year period, conditioned upon moksha8
achieving certain business goals. At the conclusion of this two-year period,
Forest will have the option to acquire moksha8 in a merger transaction. The
moksha8 shareholders will also have a put option at such time, provided that
moksha8 has achieved certain business objectives. In connection with the
alliance, moksha8 has expanded its license arrangement with Watson
Pharmaceuticals, Inc. WPI, to extend moksha8's rights to commercialize
a portfolio of Watson CNS branded generic products in Brazil and Mexico and
has bought out Watson's minority equity position in moksha8. Other financial
terms were not disclosed.
David Solomon, Senior Vice President of Corporate Development and Strategic
Planning of Forest Laboratories Inc., said, “We are pleased to enter into this
transaction with moksha8, which provides Forest access in a risk controlled
manner to a high quality commercial operation in Latin America, one of the
largest and fastest growing pharmaceutical markets in the world. Moksha8 is
uniquely positioned to commercialize novel products such as Viibryd® in Latin
America, and Forest will augment the moksha8 pipeline through our broad global
partner network and business development reach. This alliance will in time
contribute important incremental profits and growth to Forest and is
consistent with Forest's strategy to improve returns on our product
investments through fiscally responsible international expansion. We are also
pleased with the agreement between moksha8 and Watson, as Watson's high
quality branded generic products are complementary to Viibryd® and the other
novel brands Forest expects to provide to moksha8.”
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