Medicis/Ucyclyd Pharma
Executive Summary
Medicis acquires privately held Ucyclyd for $23.4 mil. in cash. Payments include $15 mil. after the April 19 acquisition; $5.7 mil. on the first anniversary of the deal, subject to the continuation of a supply agreement for the material for Ucyclyd's lead product Buphenyl; and $2.7 mil. upon regulatory approval of an I.V. version of sodium benzoate/sodium phenylacetate, now available in oral solution. Buphenyl, an orphan drug approved for the treatment of urea cycle disorders, has historically had approximately $6 mil. in annual sales