Forest Laboratories and Blue Ash Therapeutics Enter Into Asset Purchase Agreement for Azimilide, a Novel Phase III Antiarrhythmic Agent (FRX)

Forest Laboratories, Inc. FRX today announced that its wholly-owned subsidiary Forest Laboratories Holdings Limited and Blue Ash Therapeutics, LLC have entered into an asset purchase agreement, pursuant to which Forest has acquired worldwide rights to azimilide, a novel antiarrhythmic agent originally developed by Procter & Gamble Pharmaceuticals. Through the asset purchase agreement, Forest has been assigned a license agreement between Warner Chilcott Company, LLC and Blue Ash, providing for worldwide rights to azimilide, and will be responsible for all future development and commercialization activities and associated costs. Forest will provide to Blue Ash an undisclosed upfront payment and future milestone payments for the successful commercialization of azimilide. Forest will also make royalty payments to Warner Chilcott on net sales of azimilide under the assigned license agreement.