Bradley to acquire Bioglan from Quintiles

Quintiles Transnational has signed an agreement to sell assets relating to its specialty dermatology products company, Bioglan Pharmaceuticals, to New Jersey-based Bradley Pharmaceuticals in a transaction valued at approximately $183m in cash, plus direct costs for transferred inventory.

Quintiles Transnational acquired certain assets relating to Bioglan in March 2002 as part of its strategy to invest in pharmaceutical products or companies that need additional resources to achieve their full market potential.

'Since Quintiles originally acquired these assets and formed Bioglan more than two years ago, the company and its products have performed very well - meeting or exceeding our expectations,' said Quintiles Transnational chairman and ceo Dr Dennis Gillings.

'We believe the success of this investment is fur-ther evidence of Quintiles' deep understanding of both the science and commercialisation aspects of the pharmaceutical market. Quintiles will continue to use its PharmaBio Development group to look for opportunistic investments in companies and products that need additional resources to succeed.'

Quintiles intends to use proceeds from the transaction to pay down debt and fund business growth initiatives.

Under the agreement, Bradley will acquire Bioglan's interests in the dermatology products on the market in the United States, including Solaraze (diclofenac sodium) Gel, a fast-growing new class of topical treatment for the pre-cancerous skin condition actinic keratosis; the prescription product Adoxa (doxycycline) for the oral treatment of severe acne; Zonalon (doxepin hydrochloride), a topical treatment indicated for pruritus; and Tx Systems, a line of advanced topical treatments used during in-office procedures.