Oscient to acquire Antara capsules from Reliant for $78 million

By Elaine Rigoli

Tampa, Fla., July 24 - Oscient Pharmaceuticals will acquire U.S. rights to the cardiovascular product Antara 130 mg (fenofibrate) capsules from Reliant Pharmaceuticals for $78 million, plus a purchase of about $4 million in existing inventory.

Antara is part of the $1 billion fenofibrate market and will be commercialized by Oscient's national sales force, which currently is marketing Factive (gemifloxacin mesylate) tablets and Testim 1% testosterone gel, upon closing.

Antara is indicated as an adjunct treatment for hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet.

Clinical studies have shown that Antara along with a healthy diet is effective in reducing triglycerides and increasing HDL-C (high density lipoprotein-cholesterol) levels, the company said in a news release.

Oscient also said it entered into an agreement with Paul Capital Partners' Paul Royalty Fund II, LP to provide $70 million of financing for this product acquisition: $40 million in a revenue interest that will entitle Paul Royalty to receive a royalty on the net sales of both Antara and Factive; $20 million in debt due in 2010; and a $10 million equity investment at $0.90 per share.

Paul Royalty will also receive a warrant to purchase 2.3 million shares of Oscient common stock at $0.868 per share.

Oscient is a biopharmaceutical company located in Waltham, Mass.

Reliant is a pharmaceutical company based in Liberty Corner, N.J.

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